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Tredence, the data science and AI solutions company, recently announced that it has raised $175 million in Series B funding from Advent International to fuel data-led growth and AI value realisation for industries.
The terms of funding involves that Advent will acquire a minority stake in the investment. Besides Advent, the existing investor Chicago Pacific Founders (“CPF”), a private equity firm, which made its initial investment in December 2020, will continue to be a shareholder in Tredence. As part of the transaction, Advent will also join the Tredence board.
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Alongside the co-founders of Tredence and the CPF, Advent will continue to invest in the company’s operational excellence, vertical and domain expertise, IP and accelerator library, and channel partner development.
Tredence CEO Shub Bhowmick 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.”
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Tredence was established in 2013 by Shub Bhowmick, Sumit Mehra, and Shashank Dubey with the goal of bridging the gap between insight delivery and value realisation by offering clients a differentiated approach to data and analytics through specialised solutions. The funding also comes at a time after Tredence told AIM that it is in expansion mode, where it has moved to a bigger facility in Bengaluru, alongside launching offices in Chennai and Delhi.
Bhowmick said that they are planning to grow fairly aggressively in Toronto, Canada, where they are expected to see significant growth. At the time, the company claimed to have witnessed revenue growth of 100%, alongside hiring more employees.
The global private equity investor, Advent, on the other hand, has made a series of investments in IT and information services including Encora, CI&T, NielsenIQ, Neoris, Sophos Solutions, Aareon, Canvia, and QuEST Global Services.
Overall, Advent International 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 comprising 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.