KKR acquires Ness Digital Engineering for over $500 million
Although the two companies did not disclose terms of the deal’s value, KKR agreed to pay more than $500 million to buy Ness, according to people familiar with the matter.
Founded in 1998 and headquartered in Teaneck, New Jersey, Ness is a leading end-to-end digital transformation service provider specializing in building digital software products and platforms.
The company offers a wide range of digital practices that include cloud engineering, data and analytics, experience design, intelligence engineering, and sales force for businesses across all industries. Its clientele includes S&P Global, JP Morgan, Michelin and the Veritas Group, among others.
“Digital transformation and adoption is a critical strategy for businesses of all sizes around the world. In this environment, KKR believes that Ness is well positioned for growth, underpinned by its exceptional heritage of experience-driven product engineering. KKR is excited to invest in Ness’ capabilities and looks forward to working alongside its talented team to further evolve Ness’ digital platform, realize its global ambitions and better enable its customers to compete in the global marketplace. digital economy,” said Gaurav Trehan, Partner and CEO of KKR India.
KKR made this investment from its Asia Fund IV. Ness adds to KKR’s technology investment portfolio, which includes Cloudera, an enterprise-grade solutions provider, Yayoi, a software developer, distributor and support service provider for small and medium businesses 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, according to the statement.
“We believe this transaction will help us boost our growth plans and further strengthen our competitive position in the market. We look forward to leveraging KKR’s global platform and strong investment and operating expertise to deliver more innovative solutions to help our customers keep pace with the digitalization required by the world. ‘accelerating the online economy,’ said Ranjit Tinaikar, CEO of Ness.
Founded by partners including former JPMorgan Chase & Co. banker Nicolas Rohatyn in 2002, the Rohatyn Group focuses on investing in emerging markets and real assets, its website says.
“We are proud to have tapped into TRG’s technology services expertise and vast global experience to help Ness become a unique global leader in the digital space. We wish the company the best in its next chapter,” said Nicolas Rohatyn, CEO and Founder of The Rohatyn Group.
Ness employs over 4,000 people across India, Eastern Europe and the United States, with around 45% of the talent pool coming from India. He engages with digital directors and business leaders of client organizations looking to build consumer-facing or revenue-generating applications with expertise in financial services, media, entertainment and education , high-tech ISVs, and manufacturing and transportation.