Partnership will empower Altimetrik to expand
its reach with its proven digital business methodology and holistic
approach to scalable cloud, data, and AI solutions.
Altimetrik, a pure-play digital business company, announced
today that it has signed a definitive agreement for TPG, a leading
global alternative asset firm, to make a majority investment in the
company. The new partnership with TPG is a testament to
Altimetrik’s differentiated approach to digital business and track
record of strong organic growth. TPG’s investment, made through its
TPG Asia private equity platform, will enhance Altimetrik’s brand
and support its goal of reaching $1 billion in annual revenue
within the next three years.
Altimetrik has established its digital business methodology
(DBM) as an invaluable tool for businesses that seek a holistic
approach and solutions to platform modernization, cloud, data, and
AI that provide revenue growth and cost reduction. Its customers
are served by over 6,000 employees in offices and development
centers around the world. Altimetrik will continue to be led by CEO
Raj Sundaresan with support from a leadership team including
Founder and Executive Chairman Raj Vattikuti and President of
Digital Business and AI Adam Caplan.
“This partnership will propel Altimetrik in the next step of our
journey to develop further innovations for digital business and
deliver business outcomes for new and existing customers,” said
Sundaresan. “TPG has a long track record of investing in successful
enterprise tech companies and their extensive capabilities that can
enhance our expansion strategy as we build on the strength and
visibility of our brand. With this partnership, we can focus on
leading the digital business landscape and expand our reach
worldwide.”
“Altimetrik’s unique value proposition, combining a proven
methodology with strong engineering capabilities and talent
development initiatives, aligns perfectly with our investment
strategy and portfolio,” said Puneet Bhatia, Co-Managing Partner
and Country Head, India of TPG Capital Asia. “The company has
already demonstrated a strong growth trajectory, and this
investment will empower Altimetrik to expand its reach. We look
forward to partnering with the founder and management team to
accelerate the company’s growth.”
“Digital Services is a key thematic focus area for TPG, and
we’re excited to partner with a truly differentiated leader in the
space, to grow the company’s outstanding customer franchise and
continue enhancing its leadership in advanced data and digital
engineering,” continued Vivek Mohan, Managing Director at TPG.
Leveraging TPG’s global operations capabilities and deep sector
expertise, the partnership will support Altimetrik’s expansion into
new markets and verticals and provide additional growth
opportunities for employees, increasing its capacity to deliver
digital business services and capabilities. The company will look
to expand into sectors including banking, healthcare, and
insurance, where businesses are prioritizing bringing modern cloud
and microservices architecture to legacy industry platforms with
the goal of centralizing security and compliance to address
emerging risks from hackers and data breaches.
Altimetrik has established a strong blue-chip customer base
through its unique approach to modernizing high-volume enterprise
transaction platforms. By employing a rigorous engineering
methodology, the company delivers its clients market-leading
reliability, scalability, continuous innovation, security, quality,
and compliance; all without requiring change management or
disruption of current business.
The Altimetrik DBM focuses on enterprise business growth and
engages business stakeholders at their digital maturity level;
prioritizing relevant use cases through a “bite-sized” approach to
reduce risk. This approach is supported by a cloud-based Digital
Business Platform (DBP) within the client environment,
incorporating fully automated engineering environments,
collaborative and end-end workflows, and a SSOT (single source of
truth) for GenAI/AI. With this methodology and platform driven
approach, businesses are empowered to take ownership and create
reusable data and innovation assets, as well as new internal and
market-facing platforms to drive business operations optimization
and innovation growth.
“Our business-led approach is recognized in the market and
resonates with executives because they have struggled with complex
digital transformation projects, keeping up with accelerated
digitalization, and meeting the expectations of GenAI’s hype.
Altimetrik is well-positioned to bring the power of data and a
secure, compliant, scalable approach to AI,” said Raj Vattikuti,
Executive Chairman. “In addition to our partnership with TPG and
their portfolio of companies, we will continue to build on our
partner network that includes companies such as Salesforce.com,
Snowflake, AWS, Azure, and additional innovators in the GenAI/AI
space.”
TPG’s partnership comes as global spending on digital
technologies and AI is projected to exceed $3.4 trillion by 2026.
Many companies are experimenting with AI but often struggle to
define the best use cases and develop a comprehensive data strategy
to drive ROI. Altimetrik’s trusted practitioners help customers
realize the most value from their AI investments succeed at scale
by bridging the gap between business and tech, ensuring secure,
trustworthy AI solutions with responsible practices at the
core.
Jefferies LLC served as exclusive financial advisor to
Altimetrik.
Learn more about how Altimetrik has helped customers accelerate
growth as digital businesses with greater consistency, speed, and
scale.
About Altimetrik
Altimetrik is a pure-play digital business services company. We
focus on delivering business outcomes with an agile,
product-oriented approach. Our industry-first, proven digital
business methodology provides a blueprint to develop, scale, and
launch new products to market faster. Our team of 6,000+
practitioners with software, data, and cloud skills builds an agile
engineering culture of collaboration and innovation that modernizes
technology and builds new business models in bite-size increments.
As a strategic partner and catalyst, Altimetrik quickly delivers
results without disruption. Learn more at altimetrik.com.
About TPG
TPG is a leading global alternative asset management firm,
founded in San Francisco in 1992, with $224 billion of assets under
management and investment and operational teams around the world.
TPG invests across a broadly diversified set of strategies,
including private equity, impact, credit, real estate, and market
solutions, and our unique strategy is driven by collaboration,
innovation, and inclusion. Our teams combine deep product and
sector experience with broad capabilities and expertise to develop
differentiated insights and add value for our fund investors,
portfolio companies, management teams, and communities. For more
information, visit www.tpg.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240627725389/en/
Matt McLoughlin Gregory FCA on behalf of Altimetrik
Matt@GregoryFCA.com 610-228-2123
Ari Cohen TPG media@tpg.com +1 415-743-1550