Recognize, a technology investment platform that is singularly focused on the $2-trillion technology services industry, announced today that it has raised approximately $1.3 billion for its inaugural fund. With disruptive technologies driving enterprises to reimagine their operating models, Recognize seeks to partner with next-generation technology services firms to translate these innovations into business value.
Recognize strives to be a first-of-its-kind platform, linking inspired technology entrepreneurs and founders who have unconventional ideas with strategic capital, operational expertise, and industry insights. Through this platform, entrepreneurs and founders gain access to exclusive talent networks, corporate relationships, and intellectual property, as well as an operating playbook of best practices to help companies scale, innovate, and operate more efficiently.
The firm was founded by a team of industry veterans with diverse backgrounds and extensive experience building global technology companies and making strategic investments. The team includes Frank D’Souza (Co-Founder and former CEO of tech services firm Cognizant), Raj Mehta (former President of Cognizant), Charles Phillips (former Chairman and CEO of enterprise SaaS company Infor and former President of software company Oracle), and David Wasserman (former Partner at private equity firm Clayton, Dubilier & Rice).
Recognize has closed on three platform investments with over 4,000 employees that exemplify transformative themes in tech services. These include Ciklum, a leading cloud-native, digital engineering firm with a delivery network across Eastern Europe; SpringML, one of the largest pure-play services organizations focused on Data, AI/ML, and other Google Cloud solutions; and Torc, a company redefining the future of work through a virtual talent platform for software engineers.
“The speed of technological innovation is changing entire industries, and it is imperative for businesses and governments to keep pace,” said Co-founder Frank D’Souza. “The technology services market is 3.5x larger than the software industry, yet the sector has only attracted one-third of the amount of private equity capital, underscoring the opportunity for focused investors with a deep knowledge of the industry.”
“Software and technology services have always been closely linked and the next-generation of hybrid services companies will apply more proprietary technology to their service delivery in order to create repeatable business outcomes,” said Co-founder Charles Phillips. “In addition, we see a tremendous opportunity to use our platform to create technology jobs in historically underrepresented communities.”
“We have assembled a distinct group of operators and investors, who are committed to empowering the next-generation of industry champions,” said Co-founder David Wasserman. “We look forward to partnering with companies and talented management teams to shape this sector.”
McKinsey & Co., June 2020.