From the Press Release:
Fidelity Growth Partners India commits to a $20 million investment in AbsolutData, a leading provider of data analytics services to global organizations. With this round of investment, AbsolutData aims to scale up its global delivery footprint to meet the growing demand for advanced and big data analytics.
AbsolutData is a pioneer in delivering analytics and research services through a global delivery model. The company today works with several marquee clients, including Fortune 1000 organizations across the globe, enhancing their advanced and big data analytics capabilities, and helping them gain real time insights to increase profitability and growth. Analytics is a top priority for CXOs across the world. However, there is a shortage of skilled data scientists to analyze the growing amounts of data. AbsolutData, with its deep industry expertise and strong analytical capabilities is well positioned to help its clients gain maximum value from their data assets.
“We are delighted that a leading private equity firm like FGPI has invested in AbsolutData. Our vision is to become the most impactful and respected analytics firm in the world. We now serve some of the largest and most reputed retail, consumer goods, technology and hospitality companies, across US, Europe and Asia Pacific. This investment will enable us to further strengthen our ability to service the increasing demand from our global clients.” said Dr. Anil Kaul, CEO, AbsolutData.
As part of this transaction, Kabir Narang, Director at Fidelity Growth Partners India, joins the AbsolutData Board of Directors. Commenting on the investment, Kabir Narang said “We had prioritized business analytics as an investment theme. This sector will continue to benefit from the dramatic increase in volume of data generated by consumer devices such as smart phones and tablets and the increase in computing power and storage capacity in organizations. We are very excited to partner with AbsolutData as it embarks on its next phase of growth. The company has superb delivery capabilities and deep expertise in the attractive consumer and marketing analytics segment. The management team continues to invest in knowledge management and institutionalize processes that will help it scale rapidly.”