- Softelligence will continue to operate with its existing leadership and staff as a wholly owned subsidiary of Encora
- Advent is a global private equity investor based in Boston, Massachusetts
- Warburg Pincus is a global growth investor based in New York
Encora, backed by private equity firms Advent International and Warburg Pincus, has agreed to acquire Softelligence, a Romanian software engineering services provider.
No financial details of the transaction were disclosed.
Softelligence is headquartered in Bucharest, Romania. The company offers an array of software engineering services and digital products for banking, insurance and other industries.
Softelligence will support Encora’s strategic expansion into Europe and bolster its capabilities to serve clients in new markets, according to a release.
Softelligence will continue to operate with its existing leadership and staff as a wholly owned subsidiary of Encora, the release said.
“Today’s announcement signals Encora’s formal entry into the European market. We are thrilled to partner with the Softelligence team to bring world-class software engineering services to clients across every economic centre in the world,” said Venu Raghavan, founder and executive chairman, Encora.
Advent acquired a majority stake in Encora in 2021 from Warburg Pincus. Warburg maintains a minority stake in the firm.
The transaction, subject to regulatory approval, is expected to close in mid-2023.
Encora is a digital engineering services provider headquartered in Scottsdale, Arizona.
Advent is a global private equity investor based in Boston, Massachusetts.
Warburg Pincus is a global growth investor based in New York.
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