Technosoft Corp., a digital technology services and platform solutions company doing business as Apexon based in Southfield, and Infostretch Corp., a Santa Clara, Calif.-based pure-play digital engineering services firm, announced the completion of their merger today.
The combined entity will operate under the Apexon brand and continue to operate under the ownership of funds managed by each of Goldman Sachs Asset Management and Everstone Group.
The merger brings together extensive digital expertise in three areas: experience, encompassing UI/UX and digital commerce; digital engineering, including cloud, product, platform, quality engineering, and automation; and data, covering data engineering, analytics, and AI/machine learning.
“Apexon’s expertise in data analytics, digital customer experience (CX), and cloud transformation are complementary to Infostretch’s strengths in application development, cloud engineering and data services,” says Sriniketh Chakravarthi, new CEO of the combined entity.
“The combination provides considerable depth across the full spectrum of digital capabilities. It enables us to become better partners with our existing enterprise clients to deliver digital outcomes while also positioning us to further scale our domain expertise in key verticals such as financial services, health care, and technology.”
The combined company, with revenue approaching half a billion dollars, will be led by Sumithra Gomatam, executive chair, Chakravarthi. The two bring extensive experience in the digital IT services with leadership positions in organizations such as Cognizant and Tech Mahindra. The founders of Infostretch — Rutesh Shah and Manish Mathuria — will continue on the board of directors as vice chairmen. Meanwhile, the founder of Apexon — Radhakrishnan Gurusamy – will join the board.
“There is significant market demand for the deep digital capabilities that Apexon and Infostretch have developed,” says Harsh Nanda, a managing director and head of technology private equity with Goldman Sachs Asset Management.
“This merger enhances the depth and scale of offerings to help enterprise clients design, automate, and accelerate their digital journey and deliver business outcomes. We are incredibly excited to work with the combined Apexon team to drive innovation and transformation in the market.”