Private equity platform Recognize said it had raised about $1.3 billion for its inaugural fund.
The fund, led by former Cognizant CEO Francisco D’Souza, said it is focussed on the $2-trillion technology services industry.
“The technology services market is 3.5 [times] larger than the software industry, yet the sector has only attracted one-third of the amount of private equity capital,” said Mr. D’Souza, who is managing director and co-founder.
“This underscores the opportunity for focussed investors with a deep knowledge of the industry,” he added.
The firm was founded by industry veterans with experience in building global technology companies, including Raj Mehta (former president of Cognizant). Charles Phillips (former chairman and CEO of enterprise SaaS company Infor and former president of software firm Oracle), and David Wasserman (former partner at private equity firm Clayton, Dubilier & Rice).
Recognize has closed on three platform investments with more than 4,000 employees. Its portfolio includes Ciklum and Spring ML which have development centres in Chennai and Hyderabad, respectively. Across its investments — both current and in the pipeline — Recognize said it aimed to have headcount of 1,000 in India by the end of the year.