On 11 January 2021, VPEG2 & VPEG3’s underlying investee Adamantem Capital Fund I announced that they had entered into a binding agreement to sell 100% of its shares in Servian to US technology firm Cognizant Technology Solutions Corporation (“Cognizant”). This exit, once completed, represents Adamantem Capital Fund I’s first exit for this Fund and VPEG3’s second exit from its underlying portfolio.
Adamantem acquired Servian in June 2018 with the investment thesis centred around using Servian as a platform asset to build an independent, data and analytics focused IT services company of scale in Australia and New Zealand. Adamantem’s strategy was to accelerate growth in both existing and new clients by investing in recruitment and business development; make strategic acquisitions to both expand the core practice and extend into adjacency services; and launch in new international markets to expand the geographic footprint.
The management team successfully executed on this strategy and since June 2018 has grown the number of consultants from 200 to over 500. Acquired 2 new businesses to expand the service offering and scale the New Zealand operations, established a greenfield presence in Singapore and the UK, and deepened its tier 1 cloud partnerships.
The sale of Servian, once completed, will represent the second exit from VPEG3’s portfolio delivering a strong return and another distribution to VPEG2 & VPEG3 investors during the June 2021 quarter.