Nearshore IT services vendor CI&T has received a minority investment from private equity firm Advent International, saying that funds would support expansion in North America, Europe, and Asia Pacific.
While CI&T did not disclose the level of funding from the PE firm, it confirmed that its founding members would remain the majority shareholders in the company.
“This investment will enable us to scale our global growth, continue to fuel innovation, expand our services and ultimately, invest in our client relationships with new solutions and partnerships,” said Bruno Guicardi, Co-founder and President, CI&T.
Analysts say Advent International may draw up a strategy for CI&T to explore opportunities in the financial technology market, pointing to the equity firm’s extensive portfolio of financial services.
“Advent’s deep expertise across the financial services, healthcare, retail, and technology sectors complements CI&T’s strengths and creates opportunities to develop new business in key markets around the world,” Guicardi added.
Over the past 28 years, Advent has invested US$3.5 billion in 26 technology companies around the world.
With more than 2,500 employees and delivery centers in many countries, including China, C&T offers digital transformation services. The Sao Paulo, Brazil-based services provider reported a 26% increase in revenue last year. Roughly 50% of revenue comes from the United States.
In August 2017, CI&T acquired Comrade, a tech startup, in the Silicon Valley. The company’s customers include Cola-Cola, Investco, Google, Charles Schwab, iHeartMedia, Kohl’s and Konica Minolta.