Investment firm KKR to acquire digital services startup Ness
Global investment firm KKR (Kohlberg Kravis Roberts) said on Thursday that it has signed definitive agreements to acquire digital services transformation company Ness Digital Engineering from The Rohatyn Group.
KKR made its investment from Asian Fund IV. Additional terms of the transaction, subject to customary closing conditions, were not disclosed.
Ness is a provider of end-to-end digital transformation services that specialises in building digital software products and platforms. It offers a wide range of digital practices that include cloud engineering, data and analytics, experience design, intelligence engineering, and salesforce for businesses across sectors.
“Digital transformation and adoption is a critical strategy for businesses of all sizes worldwide. Against this backdrop, KKR believes that Ness is well-positioned for growth, supported by its exceptional, experience-led product engineering heritage,” KKR India Partner and Chief Executive Officer (CEO) Gaurav Trehan, said in a media statement.
Founded in 1998 and headquartered in Teaneck, New Jersey, Ness has a presence in North America, Europe, the Middle East, and Asia, with a globally diversified talent pool across India, Eastern Europe, and the United States.
“We believe this transaction will help us turbocharge our growth plans and further strengthen our competitive market position,” Ness CEO Ranjit Tinaikar said. “We look forward to leveraging KKR’s global platform and strong investment and operational expertise to deliver more innovative solutions to help our customers keep up with the pace of digitalisation required by the accelerated online economy.”
Ness adds to KKR’s global portfolio of technology investments, which includes Cloudera, a provider of hybrid data management software in the US; Yayoi, a software developer, distributor, and support service provider for small-and-medium-sized enterprises in Japan; Probe CX, a provider of outsourced customer experience and business process outsourcing solutions in Australia; MYOB, an Australian online business management company; and Jio in India.
Earlier this month, KKR signed definitive agreements to invest $300 million for a 13.33% stake in Advanta Enterprises Limited, a subsidiary of UPL Limited, a global agriculture solutions provider.
Edited by Kanishk Singh