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Recognize closes USD1.3 bn fund to back tech service firms

Recognize closes USD1.3 bn fund to back tech service firms

Startups

Recognize closes USD1.3 bn fund to back tech service firms

Tech investment platform Recognize has raised about USD1.3 billion for its inaugural fund. Founded by industry experts with experience in building global technology companies, the platform seeks to partner next-generation technology services firms to translate innovations into business value.




It is co-founded by Francisco D’Souza, Co-founder and former CEO of tech services firm Cognizant; Charles Phillips, former Chairman and CEO of enterprise SaaS company Infor and former President of software company Oracle; former President of Cognizant, Raj Mehta; and David Wasserman, former Partner at private equity firm Clayton, Dubilier and Rice.

Recognize has so far closed on three platform investments with over 4,000 employees that exemplify transformative themes in tech services. These are Ciklum, a leading cloud-native, digital engineering firm with a delivery network across Eastern Europe; SpringML, one of the largest pure-play services organisations focused on Data, AI/ML, and other Google Cloud solutions; and Torc, a company redefining the future of work through a virtual talent platform for software engineers.

“Recognize strives to be a first-of-its-kind platform, linking inspired technology entrepreneurs and founders who have unconventional ideas with strategic capital, operational expertise, and industry insights,” the company said in a press release.


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“The technology services market is 3.5 [times] larger than the software industry, yet the sector has only attracted one-third of the amount of private equity capital,” said Mr. D’Souza, who is managing director and co-founder.

“This underscores the opportunity for focussed investors with a deep knowledge of the industry,” he added.


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