The San Jose-based firm intends to utilize the funds to accelerate its expansion, improve vertical competencies, and broaden its client base.
Tredence, a supplier of data science and artificial intelligence (AI) services, has secured $175 million in a Series B fundraising round headed by Advent International, with current investor Chicago Pacific Founders participating.
According to a release, the San Jose-based firm intends to utilize the investment to continue its growing pace, develop vertical skills, and extend its client base.
“With the $175 million investment, Advent will acquire a minority stake in Tredence,” according to the release.
Tredence was formed in 2013 by Shub Bhowmick, Sumit Mehra, and Shashank Dubey with the goal of bridging the gap between insight delivery and value realisation by providing clients with a distinct approach to data and analytics through tailor-made solutions.
“Tredence was formed to assist customers in solving some of the most challenging issues across sectors via pragmatic innovation and ongoing experimentation. “CPF (Chicago Pacific Founders) has been a valuable partner over the last few years, and we are excited to be joined on this journey by Advent,” stated co-founder and CEO Bhowmick.
Tredence has nearly 1,800 employees with offices in San Jose, Foster City, Chicago, London, Toronto, and Bangalore, with clients in retail, consumer packaged goods, high-tech, telecom, healthcare, travel, and other industries.
In 2021, the firm established a vertical AI go-to-market approach to tackle industry challenges through the combination of strong data science skills and commercial context. The company’s vertical AI approach will center on ATOM.AI, a comprehensive accelerator environment that helps organizations from design to experience to value.
Advent International is a worldwide private equity firm that focuses on company buyouts in Western and Central Europe, North America, Latin America, and Asia. Encora, CI&T, NielsenIQ, Neoris, Sophos Solutions, Aareon, Canvia, and QuEST Global Services are among the most recent investments in IT and information services.
Tredence has so far secured $30 million in private equity investment.
“Data analytics is an intriguing industry of digital IT services with secular growth. “The practice is fueled by the increase in data created and captured globally, the lower cost of computing and storage, and the opportunity for enterprises to tap into valuable insights to drive competitive advantage,” Shweta Jalan, Managing Partner at Advent International in India, stated.
