PR93777

BOSTON and SCOTTSDALE, Ariz., Dec. 21, 2021 /PRNewswire=KYODO JBN/--

Encora (

https://c212.net/c/link/?t=0&l=en&o=3394415-1&h=2177875207&u=http%3A%2F%2Fwww.encora.com%2F&a=Encora

), a global digital engineering services company specializing in software

product development services for fast-growing enterprises and digitally-native

companies and Advent International (

https://c212.net/c/link/?t=0&l=en&o=3394415-1&h=1908113532&u=http%3A%2F%2Fwww.adventinternational.com%2F&a=Advent+International

) ("Advent"), a leading global private equity firm, today announced that Advent

has acquired a majority stake in Encora's business. As part of the agreement,

Warburg Pincus, the existing majority shareholder of Encora, retains a minority

stake.

Logo - https://mma.prnewswire.com/media/1223481/Encora_Logo.jpg

"We are thrilled to enter into this partnership with Advent as we continue to

scale our differentiated software engineering service offerings," said Venu

Raghavan, chief executive officer, Encora. "Advent's deep business and

technology services sector expertise, along with its global footprint,

complements Encora's strengths and creates opportunities to grow our business

in key markets around the world. Warburg Pincus has been a great partner to us

over the last two and a half years, accelerating our rapid growth to a

valuation of approximately $1.5B. We look forward to continuing to work

alongside them in this next phase of growth."

Encora is an established leader in outsourced software product development

services, using deep technical expertise in machine learning, AI, data science,

cloud services and other next-generation digital engineering disciplines to

accelerate strategic innovation for tech-enabled companies whose market

position and growth are driven by proprietary software products. Since

rebranding as Encora in 2020, the Company has expanded its focus within the

Consumer Tech and Enterprise Tech sectors, and grown its global talent pool to

over 6,300 associates across 40 global offices across LatAm, India, APAC and

the U.S.

"We have seen tremendous growth in the digital technology services sector over

the past few years, as the need for strong technology products has escalated

across industries," said Shweta Jalan, managing director at Advent. Jan

Janshen, managing partner at Advent, also said, "we believe Encora is well

positioned to capitalize on the growing digital services market, and we are

excited to partner with Venu, Encora's talented management team, and Warburg

Pincus to support the company's growth in key markets across North America,

Europe, India, Asia Pacific and Latin America, where Advent has a strong

presence and domain expertise."

This new partnership enables Encora to accelerate its global growth, both

organically and through targeted M&A opportunities, expand its differentiated

delivery model and advance its customer-facing digital services. Encora

continues to focus on serving the software and digital engineering needs of

enterprise SaaS companies, midmarket technology companies, and large

enterprises.

"Encora has built an industry leading position, driven by its sharp customer

focus and ability to attract high quality technology talent across the globe,"

said Steven Glenn, managing director, chief financial officer and chief

operating officer, Warburg Pincus. "Advent is a great addition to the team and

we look forward to continuing to support Encora's bright future."  

Advent, with $81 billion in assets as of June 30, 2021, has invested in over

380 companies across 42 countries, throughout North America, Europe, Latin

America and Asia. It has significant investment experience in both the business

and technology services sectors and in the key markets where Encora operates.

J.P. Morgan acted as exclusive financial advisor to Encora in connection with

the transaction and Wilson, Sonsini, Goodrich & Rosati LLP served as legal

advisor. Credit Suisse acted as financial advisor and Weil, Gotshtal & Manges

LLP served as legal advisor to Advent.

About Encora

Headquartered in Scottsdale, AZ, Encora is an established leader in software

and digital engineering services, specializing in innovation acceleration for

leading edge technology companies. Encora has over 6,300 associates in 40+

offices and innovation labs across U.S., Mexico, Costa Rica, Brazil, Colombia,

Peru, Bolivia, India, and Asia Pacific. Encora's global talent pool,

micro-industry vertical expertise and proprietary agile engineering

capabilities enable clients to improve their speed to impact.

For more information, please visit:

Website: www.encora.com

LinkedIn: www.linkedin.com/company/encorainc

About Advent International

Founded in 1984, Advent International is one of the largest and most

experienced global private equity investors. The firm has invested in over 380

companies across 42 countries, and as of June 30, 2021, had $81 billion in

assets under management. With 15 offices in 12 countries, Advent has

established a globally integrated team of over 245 investment professionals

across North America, Europe, Latin America and Asia. The firm focuses on

investments in five core sectors, including business and financial services;

health care; industrial; retail, consumer and leisure; and technology. After

more than 35 years dedicated to international investing, Advent remains

committed to partnering with management teams to deliver sustained revenue and

earnings growth for its portfolio companies.

For more information, please visit:

Website: www.adventinternational.com

LinkedIn: www.linkedin.com/company/advent-international

About Warburg Pincus

Warburg Pincus LLC is a leading global growth investor. The firm has more than

$67 billion in private equity assets under management. The firm's active

portfolio of more than 215 companies is highly diversified by stage, sector,

and geography. Warburg Pincus is an experienced partner to management teams

seeking to build durable companies with sustainable value. Founded in 1966,

Warburg Pincus has raised 20 private equity funds, which have invested more

than $97 billion in over 960 companies in more than 40 countries. The firm is

headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong

Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo,

Shanghai, and Singapore.

For more information please visit:

Website: www.warburgpincus.com

LinkedIn: www.linkedin.com/company/warburg-pincus/

SOURCE:  Encora

CONTACT: For Encora, Joshua Kanter, Chief Marketing Officer, +1-480-991-3635,

joshua.kanter@encora.com; Alec Robertson,

Brodeur Partners on behalf of Encora, +1-585-281-6399, arobertson@brodeur.com;

For Advent International: Khushal Devera, Ketchum Sampark Pvt. Ltd. on behalf

of Advent International, +91-98196-66376, khushal.devera@ketchumsampark.com;

For Warburg Pincus: Kerrie Cohen, Head of Corporate Communications, U.S., +1-

212-878-9207, kerrie.cohen@warburgpincus.com