Altimetrik, a pure-play digital business company, has closed a deal to sell a majority stake of the company to TPG, a leading global alternative asset firm. This investment, made through its TPG Capital Asia platform, is completed following the completion of customary closing conditions, including HSR filing.
The definitive agreement, originally announced on June 27, marks a significant milestone for Altimetrik as it embarks on an ambitious growth trajectory. Altimetrik CEO Raj Sundaresan will continue to serve in his role and lead the company’s growth plan to reach $1 billion in annual revenue.
“Finalizing this transaction with our new partners at TPG will help Altimetrik take the next step in advancing our approach to digital business and introducing our methodology to new markets,” said Sundaresan. “This partnership will enable us to scale our operations and continue to innovate in AI, data, and cloud technologies, providing our clients with the tools they need to succeed in a business world that is increasingly digital.”
Altimetrik has established its digital business methodology (DBM) as an invaluable tool for businesses seeking a holistic approach and solutions for AI, data, platform modernization, and cloud. With a global team of over 6,000 employees and development centers worldwide, Altimetrik has consistently delivered solutions that drive revenue growth and cost efficiencies for its clients. The company will look to expand its presence in banking, financial services, and insurance (BFSI), healthcare, retail, and consumer packaged goods (CPG), and manufacturing.
“Altimetrik has established itself as a pioneer in digital business partnering with companies globally that want to scale approaches to AI/data and modernizing legacy platforms to drive business outcomes,” said Raj Vattikuti, Executive Chairman at Altimetrik. “By leveraging TPG’s extensive network and relationships with large enterprises in financial services and other industries, combined with Altimetrik’s unique approach, we are well-positioned to penetrate new markets and drive significant growth.”
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 $229 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240905202746/en/