Recognize, a technology investment platform that is singularly focused on the US$ two trillion technology services industry, announced that it has raised approximately US$ 1.3 billion for its inaugural fund. With disruptive technologies driving enterprises to reimagine their operating models, Recognize seeks to partner with next-generation technology services firms to translate these innovations into business value.
The firm was founded by a team of industry veterans with diverse backgrounds and extensive experience building global technology companies and making strategic investments. The team includes Frank D’Souza (Co-Founder and former CEO of tech services firm Cognizant), Raj Mehta (former President of Cognizant), Charles Phillips (former Chairman and CEO of enterprise SaaS company Infor and former President of software company Oracle), and David Wasserman (former Partner at private equity firm Clayton, Dubilier & Rice).
Recognize has closed on three platform investments with over 4,000 employees that exemplify transformative themes in tech services. These include 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.
“The speed of technological innovation is changing entire industries, and it is imperative for businesses and governments to keep pace,” said Frank D’Souza, Co-Founder, Recognize. “The technology services market is 3.5x larger than the software industry, yet the sector has only attracted one-third of the amount of private equity capital, underscoring the opportunity for focused investors with a deep knowledge of the industry,” added Frank.
“Software and technology services have always been closely linked and the next-generation of hybrid services companies will apply more proprietary technology to their service delivery in order to create repeatable business outcomes. In addition, we see a tremendous opportunity to use our platform to create technology jobs in historically underrepresented communities,” said Charles Phillips, Co-Founder, Recognize.