Scottsdale-based Encora acquires Pennsylvania technology services company
Scottsdale-based Encora software product engineering company announced on Thursday it acquired Excellarate, a global technology services company headquartered in Wayne, Pennsylvania.
The acquisition will boost its capabilities in artificial intelligence, analytics and automation and triple its engineering workforce to more than 9,000 people worldwide. It will also increase Encora’s expertise in healthtech, fintech and insuretech, according to the company.
Under the acquisition, Encora will continue to operate Excellarate’s Pennsylvania headquarters as a hub for sales activities.
The Excellarate business will become Encora’s digital applications and platforms division, led by Excellerate CEO Nick Sharma whose leadership team is remaining intact, Encora said in an email to the Phoenix Business Journal.
“Nick Sharma and his team will provide valuable expertise and capabilities to strengthen our customer offerings and further our mission of becoming the leading global engineering solutions provider,” Venu Raghavan, founder and CEO of Encora, said in a statement.
Raghavan was one of the Phoenix Business Journal’s Most Admired Leaders last year.
Financial terms of the deal were not disclosed.
“Excellarate is honored to join a company with a reputation for delivering high-quality, industry leading digital solutions to customers in many different high-growth industries around the world,” Sharma said in a statement. “Venu, the leadership team, and all those we have met at Encora have welcomed us with open arms. We see this acquisition as a tremendous fit culturally, and feel that our capabilities will provide critical value to Encora’s current and future customers.”
Over the past five years, Encora has expanded its global delivery footprint via acquisitions of four companies: Daitain, Avantica, Nearsoft, and Söoryen Technologies, all of which added “significant technical expertise and geographical coverage in Latin America and India,” according to the company.
Encora, which is backed by private equity firm Advent International, operates more than 40 offices worldwide. The company has 93 employees in the Phoenix area.