Investment

TA Associates Announces Strategic Growth Investment in Accion Labs – Yahoo Finance

Published

4 years ago

March 26, 2020

TA Associates, a leading global growth private equity firm, today announced that it has completed a strategic growth investment to join Basil Technology Partners (“Basil”) as an investor in Accion Labs (“Accion”), a digital-focused software product engineering company specializing in emerging technologies. Financial terms of the transaction were not disclosed.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200326005064/en/” data-reactid=”20″>This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200326005064/en/

Founded in Pittsburgh, PA in 2011, Accion is a leader in helping technology companies and enterprises leverage the power of emerging technologies. Accion’s expertise ranges across advanced UX, artificial intelligence and machine learning, big-data/analytics, migration to cloud/SaaS and re-engineering of legacy platforms, process automation, mobility, augmented reality and IOT. The company’s clients include software product companies, e-SaaS firms, e-business organizations and enterprises undergoing a digital transformation across a range of industries such as healthcare, financial services, technology and fintech. Accion has more than 2,600 engineers across 14 offices within the U.S., Canada, the UK and Asia-Pacific.

“We are very pleased to welcome TA Associates as an investor in Accion,” said Kinesh Doshi, Founder & CEO of Accion Labs. “In choosing to partner with TA, Accion and the Basil team were particularly attracted by the firm’s global presence, long history of investing in the technology sector and experience in growing portfolio companies through M&A. We believe that TA will prove to be a valuable partner as we seek to further grow Accion organically and through acquisitions, with a particular focus on the U.S. and European markets.”

“TA is delighted to invest in Accion, an innovative leader in the growing digital engineering space,” said Aditya Sharma, Principal at TA Associates Advisory Private Limited. “We are excited by Accion’s rapid growth, strong global leadership team, expertise in emerging technologies, proprietary accelerators and IP, and deeply integrated customer relationships. We look forward to a close collaboration with the Accion management and Basil teams in the company’s next phase of growth.”

Management and strategy consulting firm Zinnov estimated the annual spend on digital engineering across all industries at $160 billion in 2018, with approximately 60% of that expenditure in the U.S., followed by Western Europe and Asia-Pacific. The firm predicted a compound annual growth rate for the sector of 19% to $380 billion through 2023.

“Spending in the digital engineering market is being driven by technology and business model innovations, growth in technology companies, including start-ups, and the emergence of a global digital ecosystem,” said Dhiraj Poddar, Managing Director at TA Associates Advisory Private Limited. “With its innovative and solutions-driven approach, we believe that Accion is well-positioned to continue capitalizing on these trends and further grow its market share in this vibrant industry.”

“As a niche technology provider that we believe is disrupting the IT services space, Accion has been an ideal fit for Basil,” said Rajeev Srivastava, Executive Chairman & Managing Partner, Basil Technology Partners. “It has been truly gratifying to be involved with Accion since inception, helping to drive strategy and growth at this leading-edge business.”

“We welcome the opportunity to work with TA, leveraging their deep U.S. market experience to help scale Accion organically and through M&A,” added Sameer Kanwar, CEO & Partner, Basil Technology Partners.

Mr. Sharma and Mr. Poddar will join the Board of Directors of Accion Labs.

K&L Gates LLP served as U.S. counsel, Lexygen India served as Indian counsel, KPMG served as tax advisor and Avendus Capital served as investment banker to Accion Labs and Basil Technology Partners. Goodwin Procter LLP served as legal counsel and Ernst & Young served as tax advisor to TA Associates. TA Associates Advisory Private Limited also advised on the transaction.

About Accion Labs

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Accion Labs, founded in 2011, is a Pittsburgh-headquartered global technology firm specializing in working with technology firms and IT organizations in the emerging technologies such as Rich Internet Applications, Service-Oriented Architecture, SaaS, Cloud, Open-Source, BI/DW, Mobility, Automation, DevOps and Big Data. Spread over 12 global offices, Accion has an engineering headcount of more than 2,250 employees. Accion clients include software product firms, e-SaaS firms, e-commerce organizations and e-business organizations. Accion engages with its clients in a range of collaborative, white-box engagement models that include extended teams, turn-key project and professional staffing. Accion specializes in building new products and re-engineering legacy products to leverage emerging technologies and best practices. Led by an entrepreneurial management team that believes in execution, outcome and continuous learning, Accion Labs has been recognized as one of Pittsburgh’s fastest growing companies by the Pittsburgh Business Times and one of America’s fastest growing companies by Inc. magazine. For more information, please visit www.accionlabs.com.” data-reactid=”31″>Accion Labs, founded in 2011, is a Pittsburgh-headquartered global technology firm specializing in working with technology firms and IT organizations in the emerging technologies such as Rich Internet Applications, Service-Oriented Architecture, SaaS, Cloud, Open-Source, BI/DW, Mobility, Automation, DevOps and Big Data. Spread over 12 global offices, Accion has an engineering headcount of more than 2,250 employees. Accion clients include software product firms, e-SaaS firms, e-commerce organizations and e-business organizations. Accion engages with its clients in a range of collaborative, white-box engagement models that include extended teams, turn-key project and professional staffing. Accion specializes in building new products and re-engineering legacy products to leverage emerging technologies and best practices. Led by an entrepreneurial management team that believes in execution, outcome and continuous learning, Accion Labs has been recognized as one of Pittsburgh’s fastest growing companies by the Pittsburgh Business Times and one of America’s fastest growing companies by Inc. magazine. For more information, please visit www.accionlabs.com.

About Basil Technology Partners Pte. Ltd.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Basil Technology Partners Pte. Ltd. is a licensed fund manager in Singapore and is the advisor to Basil Technology Fund. Basil is a specialist technology investor that identifies and invests in niche technologies that are disrupting the IT services space. Basil has a hands-on approach to investing that leans heavily on identifying niche technology services companies, acquiring significant stakes and being involved as an active operating partner in each of the portfolio companies to drive strategy, growth – both organic and inorganic – and exits. Basil has developed a reputation within the technology community in SE Asia, India and the U.S. for funding, growing and successfully exiting technology and tech-related businesses. Since 2008, the Basil team members have invested in and actively operated around 14 technology investments, with six successful exits, mostly within 3 – 5 years of investment. In August, 2018 Basil completed a successful third-party fund-raising round from marquee international Limited Partners (LPs) to recapitalize and consolidate their position as an investor in several leading-edge niche technology companies. For more information, please visit www.basilpartners.com.” data-reactid=”37″>Basil Technology Partners Pte. Ltd. is a licensed fund manager in Singapore and is the advisor to Basil Technology Fund. Basil is a specialist technology investor that identifies and invests in niche technologies that are disrupting the IT services space. Basil has a hands-on approach to investing that leans heavily on identifying niche technology services companies, acquiring significant stakes and being involved as an active operating partner in each of the portfolio companies to drive strategy, growth – both organic and inorganic – and exits. Basil has developed a reputation within the technology community in SE Asia, India and the U.S. for funding, growing and successfully exiting technology and tech-related businesses. Since 2008, the Basil team members have invested in and actively operated around 14 technology investments, with six successful exits, mostly within 3 – 5 years of investment. In August, 2018 Basil completed a successful third-party fund-raising round from marquee international Limited Partners (LPs) to recapitalize and consolidate their position as an investor in several leading-edge niche technology companies. For more information, please visit www.basilpartners.com.

About TA Associates

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="TA Associates is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $33.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $2 billion per year. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.” data-reactid=”39″>TA Associates is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $33.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $2 billion per year. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="View source version on businesswire.com: https://www.businesswire.com/news/home/20200326005064/en/” data-reactid=”40″>View source version on businesswire.com: https://www.businesswire.com/news/home/20200326005064/en/

Contacts

For TA Associates
Marcia O’Carroll
TA Associates
+1 617-574-6796
mocarroll@ta.com

Philip Nunes
BackBay Communications
+1 617-391-0792
phil.nunes@backbaycommunications.com

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Stephen Fishleigh
BackBay Communications
+44 203-475-7552
stephen.fishleigh@backbaycommunications.com” data-reactid=”44″>Stephen Fishleigh
BackBay Communications
+44 203-475-7552
stephen.fishleigh@backbaycommunications.com

For Accion Labs
Amy Halter
+1 724 260 0347
amy.halter@accionlabs.com

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="For Basil Technology Partners
Richa Dsouza
Basil Technology Partners Pte. Ltd.
+65 6243 6801
richa@basilpartners.com” data-reactid=”46″>For Basil Technology Partners
Richa Dsouza
Basil Technology Partners Pte. Ltd.
+65 6243 6801
richa@basilpartners.com

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Economy

S&P/TSX composite down more than 200 points, U.S. stock markets also fall

Published

7 days ago

September 6, 2024

Anne Joseph

TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.

The S&P/TSX composite index was down 239.24 points at 22,749.04.

In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.

The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.

The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.

The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.

This report by The Canadian Press was first published Sept. 6, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets also higher

Published

2 weeks ago

August 29, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.

The S&P/TSX composite index was up 171.41 points at 23,298.39.

In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.

The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.

The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.

The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.

This report by The Canadian Press was first published Aug. 29, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Investment

Crypto Market Bloodbath Amid Broader Economic Concerns

Published

1 month ago

August 5, 2024

Harry Miller

The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.

The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.

Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.

The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.

Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.

Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.

Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.

Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.

The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.