 "Data science firm Tredence raises $175 mn in funding for expanding business")
Tredence, a data science and artificial intelligence solutions company, said on Friday it has raised $175 million in funding from Advent International to expand business.
Advent will acquire a minority stake in Tredence. The full financial terms and details of the agreement have not been disclosed.
Private equity firm Chicago Pacific Founders (CPF), an existing investor, will continue to be "a meaningful shareholder", said Tredence. CPF invested in Tredence in December 2020.
Tredence said the Series B funding will be used for growth, strengthening verticals and get more customers.
“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,” said Shub Bhowmick, the chief executive officer of Tredence.
San Jose-based Tredence, which was founded in 2013, has more than 1,800 employees and it has offices in Foster City (California), Chicago, London, Toronto and Bengaluru. Consumer packaged goods, telecom, healthcare, travel, and industrial firms are among its clients.
“Data analytics is an exciting segment within digital IT services with secular growth. The practice is fuelled 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.
Advent has significant investments 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.
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