Advent acquires minority stake in Indian data science company Tredence
Advent International, a global private equity investor, has invested $175 million to acquire a minority interest in Tredence, an India-based data science solutions provider.
Tredence will use the funding from Advent International to increase data-fueled growth and artificial intelligence (AI) value realization for industries.
The data science and AI Solutions company will also use the proceeds to increase growth momentum, strengthen vertical capabilities, and reach a wider customer base.
The full financial terms of the agreement have not been divulged.
Chicago Pacific Founders, a current investor, will continue to be a meaningful shareholder in Tredence.
Shub Bhowmick — Tredence Co-founder and CEO said: “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.”
Advent International will be part of the Tredence board following the transaction.
Shweta Jalan — Advent International India Managing Partner, said: “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.”
In 2021, Tredence developed a vertical AI go-to-market strategy that focuses on ATOM.AI, an integrated accelerator ecosystem that guides businesses from design to experience to value.
The recent IT and information services investments of Advent International include Encora, NielsenIQ, CI&T, Sophos Solutions, Neoris, Canvia, Aareon, and QuEST Global Services.