SALT LAKE CITY, Oct. 4, 2018 /PRNewswire/ -- Tower Arch Capital ("Tower Arch") is pleased to announce that it has signed a definitive agreement to sell Softvision, LLC ("Softvision") to Cognizant Technology Solutions Corporation ("Cognizant"). The transaction is expected to close in the fourth quarter.
David Topham, a Partner at Tower Arch, commented, "Softvision's world class engineering talent and focus on digital transformation will be a strategic addition to Cognizant's digital product engineering group. We are excited that the Softvision team and their customers will be able to benefit from the resources of this new partnership." Tower Arch Partner Rhett Neuenschwander added, "Softvision is representative of the Tower Arch approach to creating value by partnering with founder-owned businesses to help them achieve their next level of growth and success. We value our relationships with each of the managers we have worked with at Softvision over the past three years."
Softvision Founder Laurentiu Russo said, "Tower Arch brought the strategic vision, capital, and support that I needed to continue to build my company at a critical inflection point. We worked together to expand our team, global reach, and capabilities, and I could not have asked for a better partner during this exciting period of Softvision's history. Rhett and David were true partners and friends of Softvision."
"Tower Arch helped us find the best partner to continue to serve our customers with world-class digital transformation services to create meaningful change for their organizations. Our global network of studios and guilds will greatly benefit from Cognizant's global reach and capabilities," commented Softvision CEO Andres Angelani.
Tower Arch was advised by BofA Merrill Lynch and Kirkland & Ellis LLP on the transaction.
About Softvision, LLC Softvision creates impactful end to end digital products and solutions that connect brands with consumers that result in relevant, memorable and rewarding interactions. For more than 20 years, we have been transformational partners, working at the intersection of engineering, design and strategy for the world's leading brands, including Estee Lauder, Groupon, Macy's, Mozilla, and Kaiser Permanente. With over 2,850 product, design and engineering professionals, across a network of 25 studios in 11 countries and 5 continents, Softvision delivers sustainable innovation, agility and an emotional connection that inspires engagement and business transformation. For more information, visit www.softvision.com or follow us @softvisionteam.
About Tower Arch Capital Headquartered in Salt Lake City, UT, Tower Arch Capital is a lower-middle market private equity fund. Tower Arch partners with management teams of high-quality family and entrepreneur-owned companies to deliver long-term value. The firm brings operational, consulting, and financial expertise to their portfolio companies to give them the tools they need to achieve their full potential. Target investments include control positions in businesses with revenue between $20 million and $150 million and EBITDA between $5 million and $25 million. For more information, please visit www.towerarch.com