New Mountain Capital has made an investment in Addison, Texas-based Accolite Digital, a provider of cloud and digital product engineering services. No financial terms were disclosed. EY and O3 Capital served as financial advisors to Accolite Digital on the transaction.
DALLAS & NEW YORK–(BUSINESS WIRE)–Accolite Digital, a leader in cloud and digital product engineering services, today announced that it has partnered with New Mountain Capital, a leading growth oriented investment firm with over $30 billion in assets under management.
Founded in 2007 and headquartered in Addison, TX, Accolite Digital is a leading digital transformation services provider to the banking and financial services, technology, healthcare, communications and media, and logistics industries. Through its operations in the U.S., Asia and Europe, Accolite provides digital product engineering, cloud services, data engineering, DevOps, customer experience and design services to leading Fortune 500 customers. As part of the transaction, Accolite’s CEO and management team will continue to lead the business and stay invested in the company.
The market for digital and product engineering services has grown rapidly in recent years as companies of all sizes have embraced the strategic imperative of digital experience offerings for their employees and customers. Accolite’s differentiated experience and extensive capability set positions the Company favorably to take advantage of continued growth in the sector driven by the expanded adoption of digital transformation, migration to cloud, and the proliferation of next-generation technologies such as intelligent automation and machine learning.
“Accolite is focused on helping our customers successfully deliver their most complex digital transformation initiatives. We are excited to partner with New Mountain Capital to rapidly scale and accelerate our growth journey,” said Accolite Digital’s Founder and CEO Leela Kaza. “We are confident that New Mountain’s deep sector expertise and proven track record of building businesses will help us achieve our growth ambitions and yield significant benefits for our customers, employees and industry partners.”
“New Mountain has identified the digital transformation services sector for proactive investment. We believe that Accolite is an attractive market-leading platform in its industry distinguished by its best-in-class delivery capabilities and strong customer relationships,” said Prasad Chintamaneni, Managing Director at New Mountain Capital. “With its differentiated offering, top-tier engineering talent and strong management team, we believe Accolite is well positioned to become a market leader across product and digital engineering, data engineering, and cloud services.”
“We are excited to be partnering with Leela and the management team to accelerate Accolite’s next phase of growth,” said Nikhil Devulapalli, Director at New Mountain Capital. “Strong and tenured customer relationships and a focus on high-end digital services have always been the hallmarks of Accolite’s success. We look forward to building on these strengths by investing in new digital service offerings, expanding Accolite’s global delivery model to new geographies, and pursuing strategic acquisitions.”
EY and O3 Capital served as exclusive financial advisors to Accolite Digital for the Transaction.
About Accolite Digital
Accolite Digital is a leading provider of cloud and digital product engineering services across the banking and financial services, technology, healthcare, communications and media, and logistics industries. Headquartered in Addison, Texas, Accolite helps its customers successfully navigate their digital transformation journeys by providing digital product engineering, cloud services, data engineering, DevOps, customer experience and design services. With over 1,600 professionals globally, Accolite has presence across the United States, Canada, and Europe and has digital labs in Bangalore, Hyderabad, Gurugram and Chennai. For more information visit: www.accolite.com.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit, net lease real estate and public equity funds with over $30 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com.