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Eze Castle snaps up NorthOut
Posted on Friday, 06 November 2020 13:51
Eze Castle Integration, a portfolio company of HIG Capital, has acquired digital transformation firm NorthOut.
The deal will strengthen the buyer’s position as a leading provider of end-to-end services for customers in the financial and professional services industries.
Financial terms were not disclosed.
Boston-headquartered NorthOut provides cloud-based and artificial intelligence-driven services that help organisations to accelerate their digital transformation and overcome business challenges.
Its engineering platform offers detailed project and planning designs, as well as subject matter workshops.
Formed in 2015, NorthOut has 165 employees on its books.
John Cahaly, chief executive of the buyer, said: “Eze Castle vision is to be the leading, innovative technology partner transforming business around the globe.
The group’s co-founder, Nathan Dionne, added: “Through the application of emerging technologies from artificial intelligence and machine learning to hyperautomation, together NorthOut and Eze Castle will enable clients to reach new levels of efficiency, productivity and success.”
Also based in Boston, the acquiror claims to be the leading provider of managed and technology services for customers throughout the investment management industry.
The company has over 800 employees across offices worldwide, including in the US, Portugal and India.
Commenting on the deal, HIG’s managing director, Todd Ofenloch, said the transaction would broaden the company’s offerings and enable customers to improve their ability to gather and analyse information and generate operating efficiencies, among other considerations.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 843 deals targeting computer systems design services in the year to date.
Baring Private Equity Asia Group, via Austin HoldCo, agreed to buy US-based Virtusa for USD 2.00 billion in the most valuable of these.
In the second-largest transaction, Unisplendour announced plans to raise CNY 12.00 billion (USD 1.81 billion) through a private placement.
Improbable Worlds, Wingtech Technology and Devoteam, among other companies, were also targeted in this sector.
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