Private investment firm Bain Capital has picked a majority stake in Rural Sourcing, giving a shot in the arm to America’s struggling onshoring industry.
The financial infusion will no doubt help Rural Sourcing widen its footprint across the country in addition to bolstering its digital service offerings.
Bain Capital stated in a press release that the investment was made by its impact investment business called ‘Double Impact’, but did not disclose financial details of the deal.
Founded in 2004, Rural Sourcing is known for its mission to bring back American high-tech jobs shipped to third world countries. It currently operates locations in Mobile, AL; Jonesboro, AR; Augusta, GA; Albuquerque, NM; and Oklahoma City, with plans to open a sixth office in Fort Wayne, IN.
Atlanta-based IT services provider – which counts Coca Cola. J Crew and Match.com are among its clients – reportedly has the backing of Clarkston Merchant Partners.
The company offers a growing suite of software development capabilities, including application development, cloud migration, application security, web and mobile UX design, and legacy modernization services.
Considering a comment by Monty Hamilton, CEO of Rural Sourcing, the IT outsourcer aims to nurture the growth of new technology hubs within the country, ensuring that talented professionals will never have to choose location over vocation.
Bain Capital is most likely to allow Rural Sourcing’s current leadership team to continue operating the company.
“Rural Sourcing has developed a powerful onshore business model to capitalize on this wave by leveraging a strong talent base in mid-size metro areas in the United States,” said Iain Ware, Principal at Bain Capital Double Impact. “Fostering high-quality employment opportunities is a bedrock of our community building thesis and we look forward to partnering with Rural Sourcing to grow the business, create jobs and catalyze growing technology communities in these cities.”