Altimetrik, a Detroit-based pure-play digital business company, has closed a deal to sell a majority stake of the company to TPG, a global alternative asset firm in San Francisco.
The investment, made through its TPG Capital Asia platform, is completed following the completion of customary closing conditions, including HSR filing. Terms of the transaction were not disclosed.
The agreement, originally announced on June 27, marks a milestone for Altimetrik as it embarks on an ambitious growth trajectory, the company says. Altimetrik CEO Raj Sundaresan will continue to serve in his role and lead the company’s plan to reach $1 billion in annual revenue.
“Finalizing this transaction with our new partners at TPG will help Altimetrik take the next step in advancing our approach to digital business and introducing our methodology to new markets,” says Sundaresan. “This partnership will enable us to scale our operations and continue to innovate in AI, data, and cloud technologies, providing our clients with the tools they need to succeed in a business world that is increasingly digital.”
Altimetrik has established its digital business methodology as an “invaluable tool” for businesses seeking a holistic approach and solutions for AI, data, platform modernization, and the cloud.
With a global team of more than 6,000 employees and development centers worldwide, company officials say they will look to expand its presence in banking, financial services, insurance, health care, retail, consumer packaged goods, and manufacturing.
“Altimetrik has established itself as a pioneer in digital business partnering with companies globally that want to scale approaches to AI/data and modernizing legacy platforms to drive business outcomes,” says Raj Vattikuti, executive chairman at Altimetrik.
“By leveraging TPG’s extensive network and relationships with large enterprises in financial services and other industries, combined with Altimetrik’s unique approach, we are well-positioned to penetrate new markets and drive significant growth.”
For more information about Altimetrik, visit altimetrik.com.
