Global investment firm KKR on October 27 announced the signing of a pact to acquire a 100 percent stake in Ness Digital Engineering, a US-based digital services transformation company. The deal size was undisclosed in the official release but sources pegged it at above $500 million.
Ness, currently owned by The Rohatyn Group (TRG), was founded in 1998. The company is now catering to over 100 clients, including S&P Global, the London Stock Exchange, JP Morgan, Michelin Group and Veritas, among others.
Ness has a globally diversified talent pool of around 4,000 staff spread across India, Eastern Europe, and the United States.
“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," Gaurav Trehan, Partner and CEO of KKR India, said.
Ness chief executive officer Ranjit Tinaikar noted that an investor of KKR’s calibre will provide the company with a "turbocharge" for its growth plans.
"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," Tinaikar added.TRG CEO Nicolas Rohatyn wished Ness the best for its next chapter with KKR. “We are proud to have tapped into TRG’s technology services expertise and extensive global experience to help Ness become a unique, global leader in the digital space," the CEO said.