SAN FRANCISCO and DALLAS, Sept. 22, 2021 /PRNewswire/ -- Housatonic Partners, a growth-oriented private equity firm focused on investing in recurring services companies, today announced a strategic growth investment in Veridic Solutions ("Veridic"), a leading cloud and digital transformation services company.
Previously owned by Devender Aerrabolu, Veridic delivers custom cloud and digital transformation services for customers across a wide range of industries, including financial services, technology, and healthcare. The company has experienced strong growth and developed into a leader in the cloud services industry. Customers consistently choose to work with Veridic because of the company's reliability and quality of software engineers, who are highly trained and certified by Amazon Web Services and other cloud services platforms.
"I am very pleased with the new partnership with Housatonic Partners and Pracinco. It will create value to our customers and employees and will contribute to significant growth in both the immediate and long-term future for Veridic," said Devender Aerrabolu, who will continue to be involved with the company.
Vikas Aditya, an executive with extensive experience in the cloud and digital transformation services industry, will join the company as Chief Executive Officer. Aditya formerly served as Chief Strategy and Operating Officer of AccionLabs, a digital-focused software product engineering company owned by TA Associates. "I am looking forward to the opportunity to lead the exceptionally talented Veridic team," said incoming Veridic CEO Vikas Aditya. "Housatonic and Pracinco are the ideal partners for Veridic because they share the same customer-centric approach and emphasis on employee empowerment."
Housatonic Partners Managing Director Joe Niehaus, who has joined the Veridic Board of Directors, added, "We are excited by Veridic's emerging leadership in cloud services and deep bench of qualified engineers. We look forward to working with Vikas in the company's next phase of growth."
Housatonic is investing in partnership with Pracinco. Financial terms of the transaction were not disclosed.
About Veridic Solutions
Based in Dallas, TX, Veridic Solutions is a leading provider of cloud and digital transformation services. Veridic manages and deploys a team of highly trained software engineers that provide planning, migration, DevOps, and managed services. Veridic is a trusted partner for leading staffing and IT agencies and blue-chip companies across North America, who trust Veridic to help maximize their cloud infrastructure investments and digital transformation initiatives. To learn more, please visit www.veridicsolutions.com
About Housatonic Partners
Housatonic Partners is a private equity investment firm founded in 1994, with more than $1.3 billion in capital under management. The firm invests in growing, profitable businesses with highly recurring revenue. Housatonic Partners has backed exceptional management teams in more than 100 small to mid-sized companies over the last 27 years. For more information, please visit www.housatonicpartners.com.
About Pracinco Management
Pracinco is a private investment firm consisting of seasoned CEOs that partner with management teams to build market-leading companies. The firm invests in business services & technology, communications, healthcare, and education companies. For additional information, please visit www.pracinco.com.
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SOURCE Housatonic Partners