Ascendum Acquires Sourcebits, a Sequoia and IDG Backed Digital Innovation Company

SAN FRANCISCO, CINCINNATI and BANGALORE, India, Feb. 15, 2017 /PRNewswire/ -- Ascendum Solutions, a leading provider of information technology solutions and services, today announced that it entered into a definitive agreement to acquire privately held Sourcebits Inc., a digital innovation and customer experience company. Financial terms of the transaction are not being disclosed. The transaction is expected to close in the first quarter of 2017.

Sourcebits is a well-regarded digital strategy, design, implementation, marketing and lifecycle-management firm with offices in San Francisco, London and Bangalore, delivering transformative digital solutions to major global brands in retail, financial services, wellness, travel and technology sectors. Recognized as a "Cool Vendor" by Gartner, Sourcebits has created world-class products for over 400 clients across North America, Europe and Asia resulting in 700M+ app downloads.

"Today, enterprises are in a race to drive growth through digital transformation and deliver seamless, consistent and personalized experiences to their customers, employees and partners," said Kris Nair, President and CEO at Ascendum Solutions. "Sourcebits' outstanding capabilities around UI/UX design, innovation and digital technologies, combined with our market reach, customer base and experience, will ensure that our combined team will help our customers achieve their digital transformation goals in a timely effective manner and be leaders in their industry."

Nair said that "Sourcebits' acquisition will further bolster Ascendum's Digital Business that offers digital strategy services, analytics, Internet of Things (IoT) and Cloud solutions to its clients worldwide. Ascendum's global presence will enable Sourcebits to work with enterprise clients to drive innovation, develop insights and deliver outstanding products and services. The combined technology and expertise will also drive further investments in core IP that deliver scalable mobile and commerce apps."

"We are excited about this agreement and look forward to working with Ascendum to be the leading digital transformation provider and a trusted partner for digital innovation," said Munish Gupta, Managing Director at Sourcebits.

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ABOUT ASCENDUM SOLUTIONS:

Ascendum Solutions provides innovative technology solutions, consulting and knowledge processing solutions to clients by leveraging industry expertise, global scale and technology excellence.

Ascendum's success is based on its business and technology expertise, strategic partnerships and deep industry experience, which allow companies to innovate and succeed. Its delivery capabilities are driven by state-of-the-art delivery centers across the world and supported by modernized business processes. Headquartered in Cincinnati, Ohio, Ascendum has sales and support offices in Hamilton and Blue Ash, OH and New York, NY with offshore delivery centers located in Bangalore and Ahmedabad, India. Ascendum is a wholly owned subsidiary of the Vora Ventures Group, a Cincinnati-based, private equity group that specializes in building innovative IT companies worldwide. Visit us at www.ascendum.com or join the conversation on LinkedIn.

ABOUT SOURCEBITS:

Sourcebits is a digital innovation, UX and technology company with experts in the fields of customer experience design, development and marketing services. Sourcebits designs, builds and manages enterprise mobile applications and creates additional value by building engaging omnichannel customer experiences. For more information, please visit www.sourcebits.com.

Contact:   Paul Anthony, Marketing Director, 513.285.8385

SOURCE Ascendum

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