Recognize, a private equity firm that backs businesses in the digital services industry, Tuesday said it has picked up a majority stake in information technology service provider Blue Mantis.
Meanwhile, American PE firm Abry Partners that had backed the company in 2020, will continue as a minority investor. Financial details of the deals were not disclosed.
New Hampshire-headquartered Blue Mantis will use the capital to expand its capabilities and scale, including through acquisitions. The firm has a global delivery centre in Bengaluru, along with an office in Toronto in Canada.
“We believe we can build on the company’s existing foundation to drive a powerful go-to-market strategy,” said Mike Grady, partner at Recognize. “Combined with several near- and longer-term acquisitions that can add immediate impact, Blue Mantis will be better positioned for strong momentum with existing and new clients.”
The IT firm provides digital technology services and strategic guidance to its clients to help them adapt and grow through automation and innovation. It services mid-market and enterprise customers that are focused on North American markets across verticals, including business services, healthcare, financial services, manufacturing, and public sector.
“Our team is completely aligned with Recognize on key strategic imperatives to unlock value in the next chapter of our growth,” said Josh Dinneen, chief executive officer of Blue Mantis. “With our new partners at Recognize, we look forward to capitalising on growing demand from clients for our expanding portfolio of managed services, cybersecurity and cloud offerings.”
Recognize is making this investment out its $1.3 billion maiden fund that it raised in 2022. The fund was set up by Francisco D’Souza, formerly the chief executive officer of tech services firm Cognizant in the US.
Its last disclosed investment in India was more than a year back in MediaMint, a US- and India-based digital advertising company. It has also backed a few other domestic companies, including digital engineering firm Ciklum, pure-play services organisation SpringML cloud and digital transformation solutions provider AST Global; virtual talent platform for software engineers Torc, and data analytics provider Blend360.
