Advent buys into device developer Encora at $1.5bn valuation | AltAssets Private Equity News

Global buyout main Advent International has purchased into device developer Encora at $1.5bn valuation. Existing majority shareholder Warburg Pincus will retain a minority stake.

Encora supplies outsourced device merchandise the use of deep technical experience in device studying, AI, knowledge science, and cloud services and products. It runs 40 workplaces around the globe.

The company mentioned the partnership will permit Encora’s world expansion, increase its supply style and advance its customer-facing virtual services and products.

Shweta Jalan and Jan Janshen, managing companions at Advent, mentioned in a joint commentary, “We have seen tremendous growth in the digital technology services sector over the past few years, as the need for strong technology products has escalated across industries.

“We believe Encora is well positioned to capitalize on the growing digital services market, and we are excited to partner with Venu, Encora’s talented management team, and Warburg Pincus to support the company’s growth in key markets across North America, Europe, India, Asia Pacific and Latin America, where Advent has a strong presence and domain expertise.”

Steven Glenn, managing director, CFO and COO at Warburg Pincus, said, “Encora has built an industry leading position, driven by its sharp customer focus and ability to attract high quality technology talent across the globe.Advent is a great addition to the team and we look forward to continuing to support Encora’s bright future.”

Advent surged to a $4bn ultimate shut for its 2nd devoted tech fundraise previous within the month.

The company used to be reportedly seeking up to $25bn for the mammoth new fund in October.

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Originally posted 2021-12-23 03:56:24.

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