India-based private equity player True North has invested $93 million in Pittsburgh-based digital engineering company Accion Group. True North has routed this transaction through its Indium VI (Mauritius) Holdings fund.
True North is acquiring a minority stake from US-based PE player TA Associates.
Founded in 2011, Accion Labs is a global digital engineering company with a specialised focus on digital transformation in global enterprises and technology firms. The Company’s primary lines of service include Digital Consulting, Innovation & Digital Product Engineering, Data/ML Engineering and Automation. The Company has more than 4,800 employees globally, spread over 20 locations.
Prasad Thrikutam, Partner, True North, stated, “There is a growing need for a new breed of nimble and innovative digital IT players like Accion Labs. We are excited about Accion’s deep digital expertise, customer centricity, and its approach to doing business. Most of all, we have strong confidence in the firm’s management team to build Accion Labs into a respected global leader.”
True North aims to invest up to 30 per cent of funds that it manages or advises in Tech and Digital businesses. Thus, IT services, digital engineering and SaaS companies have been important areas of focus for the firm. This investment comes after conducting extensive due diligence on several companies in the segment.
In August last year, True North invested in QuEST Global, a global product engineering and lifecycle services company. The firm recently exited Actify Data Labs, a greenfield data-driven analytics company.
Dhiraj Poddar, Managing Director, TA, added, “Accion’s growth and continued innovation in the intervening period reconfirms our confidence in this thesis. We are excited to welcome Indium as a new investor, and to continue our partnership with the Accion management team, as we aim to further grow the Company.”
Source: Business-Standard