Advent International takes majority stake in Encora
Private equity (PE) company Advent International acquired a majority stake in outsourced software product development service firm Encora for $1.5 billion.
In a statement, both companies said that this new partnership will help Encora accelerate its global footprint, expand its delivery model, and advance its customer-facing digital services.
Encora CEO Venu Raghavan stated that “Advent’s deep business and technology services sector expertise, along with its global footprint, complements Encora’s strengths and creates opportunities to grow our business in key markets around the world.”
The global IT provider is known for using deep technical expertise in machine learning, AI, data science, cloud services, and other next-generation digital engineering disciplines to accelerate strategic innovation for tech-enabled companies.
Since its rebranding in 2020, Encora has also expanded its focus within the consumer tech and enterprise tech sectors and grew its employee headcount to over 6,300 across 40 global offices in Latin America, India, Asia Pacific, and the United States.
Former Encora majority shareholder Warburg Pincus now retains a minority stake in the company.
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