TA Associates backs tech enablement start-up
Accion Labs, a US-headquartered start-up with Asian operations that helps companies implement emerging technologies, has received a strategic growth investment by TA Associates.
The size of the investment was not disclosed. Existing investors in Accion Labs include Basil Technology Partners, a Singapore-based venture capital firm that initially operated as a family office. In 2018, the firm raised a $175 million fund, anchored by NewQuest Capital Partners and Committed Advisors, that bought out positions in portfolio companies - including Accion - held by individual investors.
Founded in 2011, Accion has built a global software team that works for other software firms and enterprises on reducing fixed costs associated with purchasing technology-related infrastructure or hiring personnel. The company helps clients make business processes accessible on the cloud and make customer-facing channels accessible on smartphones. It now plans to focus on the transition process in adopting emerging technology-focused services as well.
Accion employs more than 2,600 engineers across 14 offices in the US, Canada, and Asia. In Asia, it has acquired IT companies in Singapore, India and Malaysia. Last year, it organised its first annual internal summit in Goa, India. Kinesh Shah, co-founder and CEO, stated the fresh capital would be used to grow the business via further acquisitions and by increasing headcount with a particular focus on operations in the US and Europe.
“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. 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,” said Dhiraj Poddar, an India-based managing director at TA Associates, in a statement.
TA, a US-headquartered private equity firm, currently has active investments in three other software firms with operations in the Asia Pacific region. It had previously invested in Fractal Analytics, an AI-enabled consumer data processer, and achieved an exit when its stake was bought by Apax Partners last year.
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