One Equity Partners has agreed to sell Rizing LLC to Wipro Limited. No financial terms were disclosed. Based in Stamford, Connecticut, Rizing is a provider of IT systems integration and implementation services.
NEW YORK – April 26, 2022 – One Equity Partners (“OEP”), a middle market private equity firm, today announced that it has entered into a definitive agreement to sell Rizing LLC (“Rizing” or the “Company”), a leading SAP-focused provider of IT systems integration and implementation services, to Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a multinational IT services and consulting company.
Headquartered in Stamford, Conn., Rizing specializes in value-added products and IT business process solutions operating within the SAP ecosystem, including enterprise asset management, human capital management, and related IT solutions for clients in consumer industries. Rizing serves leading global customers with more than 1,250 employees around the world working from locations in the U.S., Canada, the Netherlands, Australia, the United Arab Emirates, Singapore and Malaysia.
“Rizing had a solid reputation in its core service when we acquired the company in 2018, and we saw enormous opportunity to strengthen their service offerings through strategic acquisitions,” said Chip Schorr, Senior Managing Director at OEP. “We worked closely with the senior management team to acquire and integrate five businesses that not only scaled the business, but also diversified Rizing’s revenues and significantly increased delivery resources,” added Carlo Padovano, Managing Director, One Equity.
The company’s acquisitions spanned the globe and diversified Rizing’s overall customer base. Acquisitions included U.S. companies Aasonn, 3DResults and Transcend Spatial Solutions, Singapore-based Synchrony Global, and Sri Lanka-based Attune Lanka. These acquisitions served to consolidate niches within the broader SAP ecosystem and strengthened all business verticals through revenue synergy and cross-selling opportunities.
“OEP has been a tremendous partner in helping us execute our growth strategy over the past four years,” said Mike Maiolo, Chief Executive Officer of Rizing. “The team demonstrated extraordinary insight and sector expertise in identifying acquisition opportunities that transformed Rizing into a larger and more strategic firm. Rizing is now well-positioned to extend our leadership and continue the expansion of our services and expertise.”
About One Equity Partners
One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.