Digital services firm ThoughtFocus has raised growth investment from global private equity firm HIG Capital, providing Blackstone an exit from the company.
Blackstone made a minority investment in the US-headquartered technology firm in 2013. The companies did not disclose the financial details of the deal.
Based in Miami, Florida, HIG Capital has $52 billion worth assets under management. It has more than 100 companies in its portfolio currently.
“This investment from HIG Capital was chosen to align with the future vision of the company. This partnership with HIG. sets us on an accelerated path to becoming a global digital services provider,” founders Suman Atreya, Rajiv Goyal and Shylesh Krishnan said in a statement.
Founded in 2004 and headquartered in Milwaukee, Wisconsin, ThoughtFocus provides information technology services to companies and organizations in financial services including capital markets, payments, lending, manufacturing, higher education and the public sector.
It has over 2,100 employees across five countries in the US, India, Philippines, Dominican Republic and Canada.
In India, the company has presence in Bengaluru, Mysuru, and Hyderabad. Approximately 1,500 out of 2,100 employees are based out of Indian locations.
DA Davidson served as the exclusive financial adviser to ThoughtFocus on the transaction and Reed Smith LLP provided legal counsel.
Blackstone has $951 billion in assets under management, which include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds.
“Blackstone’s investment in and partnership with ThoughtFocus played an important role in Blackstone’s scaling of its technology and other operations. We wish them continued success on their journey,” David Payne, senior managing director at Blackstone said.
