Fractal Announces $360 Million Investment From TPG

Fractal, a provider of AI and advanced analytics solutions has signed a definitive investment agreement with TPG, a global alternative asset firm.

TPG is investing $360 million in Fractal through TPG Capital Asia, the firm's Asia-focused private equity platform, in a transaction that includes a combination of primary investment and secondary share purchase from Funds advised by Apax, which will remain a major shareholder following the transaction.

The transaction is expected to close by the first quarter of 2022. Additional terms were not disclosed.

TPG is an investor in software and enterprise technology with experience partnering with top AI solutions, business analytics, and data processing companies. Current and past companies in which TPG has invested include C3 AI,, LLamasoft, MX, Noodle Analytics, and Onfido.

"We continue to see great momentum in how clients are leveraging AI to accelerate digital transformation. Fractal is building a great workplace and an innovative culture that's driving significant client outcomes through our ‘user focused, decision-backwards’ approach to solving problems," said Srikanth Velamakanni, co-founder & group CEO, Fractal. "TPG's capabilities across all our markets and their proven success in building and supporting top AI providers is the perfect complement to the partnership we've enjoyed with Apax, whose insight and expertise have been instrumental in accelerating our growth."

"In the growing market for data and analytics services, Fractal continues to stand out as one of the most well-established, differentiated providers and a clear leader in AI and advanced analytics," added Puneet Bhatia, Co-Managing Partner of TPG Capital Asia. "The quality of Fractal's offering has enabled them to build a deep and loyal client -base, made up of some of the world's largest and most respected companies. Srikanth and Pranay have built a highly respected and market leading company, and we are excited to partner with this proven management team to continue to enhance Fractal's organic and strategic growth."

Fractal has more than 3,500 employees across 16 global locations, including the United States, U.K., Ukraine, India, Singapore, and Australia.

As part of the transaction, TPG's Puneet Bhatia and Vivek Mohan will join Fractal's board of directors. All current directors including Gavin Patterson, Rohan Haldea, Shashank Singh, and Gulu Mirchandani will continue to serve on the company’s board. Both TPG and APAX will be minority shareholders in the company.

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