Tredence Raises $175 Mn in Series B Funding from Advent International
The funding from Advent International will help Tredence build on growth momentum, strengthen vertical capabilities, and reach a broader customer base
[SAN JOSE | BOSTON | BANGALORE | MUMBAI] - December 22, 2022 – Tredence, the Data Science and AI Solutions company, today announced it has raised USD 175 million in Series B funding from Advent International (“Advent”) to accelerate data-fueled growth and AI value realization for industries. Advent is one of the largest and most experienced global private equity investors. The full financial terms of the agreement have not been disclosed.
Advent will acquire a minority stake in Tredence with the $175 million investment. Advent has significant investment experience in the technology services and software sectors. Recent IT and information services investments include Encora, CI&T, NielsenIQ, Neoris, Sophos Solutions, Aareon, Canvia, and QuEST Global Services.
The existing investor Chicago Pacific Founders (“CPF”), a leading private equity firm, will continue to be a meaningful shareholder in Tredence. CPF made its initial investment in Tredence in December 2020.
Founded in 2013 by Shub Bhowmick, Sumit Mehra, and Shashank Dubey, Tredence aims to bridge the gap between insight delivery and value realization, providing customers with a differentiated approach to data and analytics through tailor-made solutions.
Advent, alongside Tredence’s co-founders and CPF, will work with the company through continued investment in vertical and domain expertise, IP and accelerator repository, channel partner development, and operational excellence. The partnership will help drive Tredence’s vision to become the world’s most indispensable data and analytics partner. As a part of the transaction, Advent will be joining the Tredence board.
“We are thrilled to welcome Advent as a partner to Tredence,” said Tredence CEO Shub Bhowmick. “Advent’s global reach, deep sector expertise, and vast experience in scaling businesses like ours through organic and inorganic growth will be invaluable to us as we look to drive continued business innovation. Tredence was founded to help clients solve some of the most complex challenges across industries through pragmatic innovation and continuous experimentation. CPF has been a value-added partner over the last few years, and we are excited to be joined by Advent on this journey.”
“Data analytics is an exciting segment within digital IT services with secular growth. The practice is fueled by the rise in data created and captured globally, the reduced cost of compute and storage, and the opportunity for enterprises to tap into valuable insights to drive competitive advantage,” said Shweta Jalan, Managing Partner at Advent International in India. “Tredence has built the business with deep domain expertise that positions it well to become a category-defining leader in the space. We are very excited to partner with Tredence in the next chapter of growth as they build a $500M revenue organization.”
"Tredence is leading the way in designing data analytics strategies, uncovering actionable insights, and implementing outcomes-based AI engagement models for clients," said Mary Tolan, Founder & Managing Partner, Chicago Pacific Founders. “Through its portfolio of AI/ML solutions, the company has led the charge for world-class data transformation initiatives for enterprises across industries. We remain confident in Tredence's ability to deliver long-term financial results for its shareholders."
In 2021, the company devised a vertical AI go-to-market strategy that combines deep data science expertise with business context to solve daunting industry problems. The company's vertical AI strategy will focus on ATOM.AI, an integrated accelerator ecosystem that guides enterprises from design to experience to value.
About Tredence Inc.
Tredence is a global data science solutions provider focused on solving the last mile problem in AI. The 'last mile' is the gap between insight creation and value realization. Headquartered in San Jose, the company embraces a vertical-first approach and an outcome-driven mindset to help clients win and accelerate value realization from their analytics investments. Tredence is 1,800-plus employees strong with offices in San Jose, Foster City, Chicago, London, Toronto, and Bangalore, with the largest companies in retail, CPG, hi-tech, telecom, healthcare, travel, and industrials as clients.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 400 private equity investments across 42 countries, and as of June 30, 2022, had $96 billion in assets under management. With 14 offices in 12 countries, Advent has established a globally integrated team of over 285 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology.
About Chicago Pacific Founders
Based in Chicago and San Francisco, Chicago Pacific Founders ("CPF") is a leading healthcare private equity firm focused on investing in growth companies within value-based care, healthcare services, AI and tech enabled services, and providing for aging populations. CPF's leadership team is made up of former healthcare founders, entrepreneurs, and investment professionals with a passion and track record of building high quality businesses.
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