USEReady, a New York-headquartered strategic data and analytics partner, has received an undisclosed amount of growth capital from Boston-based private equity firm Abry Partners.
The venture plans to invest part of the funding in innovation and developing more Ips while a major part of the funds would be used to scale its Indian operations by five times. Further, the company is looking to hire 1,000 data analytics and engineers in India this year. Currently, the firm’s total headcount stands at 400 across six offices globally.
Founded in 2011 by two Indians, Uday Hegde and Lalit Bakshi, USEReady has developed data analytics products with an aim to address the gaps with technology vendor products.
Incidentally, it has grown its business so far by remaining bootstrapped and this is the company’s first institutional round.
USEReady is investing in several Tier2/3 cities in India to develop data analytics talent. Its most recent location in India is at Mohali, Chandigarh apart from Gurugram and Bengaluru. It also services its clients from its New York, New Jersey and Toronto offices.
Primarily serving customers in the banking, financial services, and insurance industries, USEReady provides end-to-end solutions that help customers navigate challenges in legacy modernisation, data monetisation, data governance and security along with migration from on-premises to cloud.
“We have grown by over 55 per cent in our order book and we felt the timing is right to bring on a reputed institutional partner, who understands scale. With this capital round, we plan to accelerate our expansion plans globally with a major focus in India,” said Hegde, CEO, USEReady
In a similar context, President & COO Bakshi said that the company’s biggest differentiator has been that it has created a community and hence customers do not treat the venture only as a vendor.
“Our biggest differentiator is that we have built a community. Our customers don't treat us like a vendor, our employees are more than just employees, our tech partners are not just business partners. We are all part of the same data community,” he said.
Abry brings growth capital, wealth of knowledge and experience to help us grow to the next level, he added.
Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, it manages over $5 billion of capital across its active funds.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today