spac-tacular move

Texas entrepreneur's SPAC to merge with tech company in deal valued at $100 million

SportsMap Tech Acquisition Group will merge with the Beaumont infrared camera company in 2023.

Photo courtesy of Gow Media

A Houston SPAC, or special purpose acquisition company, has revealed the company it plans to merge with in the new year.

Houston-based SportsMap Tech Acquisition Corp. (NASDAQ: SMAP), a publicly traded SPAC with $117 million held in trust, and Beaumont-based Infrared Cameras Holdings Inc., a provider of thermal imaging platforms, announced their agreement for ICI to IPO via SPAC.

Originally announced in the fall of last year, the blank-check company is led by David Gow, CEO and chairman. Gow is also chairman and CEO of Gow Media, which owns digital media outlets CultureMap, InnovationMap, and SportsMap, as well as the SportsMap Radio Network, ESPN 97.5 and 92.5.

The deal will close in the first half of 2023, according to a news release, and the combined company will be renamed Infrared Cameras Holdings Inc. and will be listed on NASDAQ under a new ticker symbol.

“ICI is extremely excited to partner with David Gow and SportsMap as we continue to deliver our innovative software and hardware solutions," says Gary Strahan, founder and CEO of ICI, in the release. "We believe our software and sensor technology can change the way companies across industries perform predictive maintenance to ensure reliability, environmental integrity, and safety through AI and machine learning.”

Strahan will continue to serve as CEO of the combined company, and Gow will become chairman of the board. The transaction values the combined company at a pre-money equity valuation of $100 million, according to the release, and existing ICI shareholders will roll 100 percent of their equity into the combined company as part of the transaction.

“We believe ICI is poised for strong growth," Gow says in the release. "The company has a strong value proposition, detecting the overheating of equipment in industrial settings. ICI also has assembled a strong management team to execute on the opportunity. We are delighted to combine our SPAC with ICI.”

Founded in 1995, ICI provides infrared and imaging technology — as well as service, training, and equipment repairs — to various businesses and individuals across industries.

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This article originally appeared on our sister site InnovationMap.

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entrepreneurship starts here

Dallas leads on 2026 list of the best big cities to start a business

Photo by Gabriel Tovar on Unsplash

Dallas ranked 11th in the U.S. in 2026, and previously ranked 16th in 2025.

The Dallas-Fort Worth Metroplex is showing its strong entrepreneurial spirit after Dallas and five of its neighbors appeared on WalletHub's new list of the best large U.S. cities for starting a business in 2026. Dallas leads the charge in North Texas as the No. 11 best city nationwide.

The annual report compared 100 U.S. cities based on 19 relevant metrics across three key dimensions: business environment, access to resources, and costs. Factors that were analyzed include five-year business survival rates, job growth comparisons from 2020 and 2024, population growth of working-age individuals aged 16-64, office space affordability, and more.

Florida cities locked out the top five best places in America for starting a new business: Tampa, Orlando, Jacksonville, Hialeah, and St. Petersburg.

Dallas' business environment ranked as the fifth-best in the country, and the city ranked 45th for its "access to resources," and 64th in the "business costs" category. Dallas also topped a separate ranking of cities with the longest average workweeks nationwide.

Here's how Dallas compared in some of the other rankings in the study:

No. 24 – Numerical small business growth
No. 29 – Financing accessibility
No. 40 – Labor costs
No. 55 – Cost of living

Elsewhere in North Texas, Irving ranked No. 16 nationally, followed by Arlington (No. 23), Fort Worth (No. 30), Plano, (No. 35), and Garland (No. 65).

Earlier this year, WalletHub declared Texas the third-best state for starting a business in 2026, and several DFW cities have seen robust growth after being recognized among the top 20 best career hotspots in the U.S. WalletHub also ranked Plano the 7th best U.S. city for finding a job.

Only seven other Texas cities earned spots in the report: Austin (No. 24), Houston (No. 26), Lubbock (No. 36), Corpus Christi (No. 39), San Antonio (No. 64), El Paso (No. 67), and Laredo (No. 76).

Austin tied with Boise, Idaho and Fresno, California for the highest average growth in the number of small businesses nationally, while Corpus Christi and Laredo topped a separate list of the U.S. cities with the most accessible financing.

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entrepreneurship starts here

Dallas leads on 2026 list of the best big cities to start a business