Technology investment platform Recognize has raised approximately $1.3 billion (around Rs 9604 crore) for its inaugural fund, the company said in a statement on Thursday.
In 2020, Francisco D’Souza, who is a former CEO of tech services firm Cognizant, started this fund in the US.
The team in Recognize includes D’Souza, Raj Mehta -former President of Cognizant, Charles Phillips- former Chairman and CEO of enterprise SaaS company Infor and former President of software company Oracle, and David Wasserman former partner at private equity (PE) firm Clayton, Dubilier & Rice.
Recognize claims that it has closed three platform investments with over 4,000 employees that exemplify transformative themes in tech services. These include Ciklum, a leading cloud-native, digital engineering firm with a delivery network across eastern Europe; SpringML, pure-play services organisations focused on data, artificial intelligence/machine learning, and other Google Cloud solutions; and Torc, a company redefining the future of work through a virtual talent platform for software engineers, the statement says.
“Software and technology services have always been closely linked and the next-generation of hybrid services companies will apply more proprietary technology to their service delivery in order to create repeatable business outcomes,” said Co-founder Charles Phillips.
He added, “In addition, we see a tremendous opportunity to use our platform to create technology jobs in historically underrepresented communities.”
According to the statement, through this platform, entrepreneurs and founders gain access to exclusive talent networks, corporate relationships, and intellectual property, as well as an operating playbook of best practices to help companies scale, innovate, and operate more efficiently.