MBO for BI Firm Vedicsoft

The management of US business analytics specialist Vedicsoft Solutions have bought the firm from its founders. The MBO, whose terms were not disclosed, was led by President & CEO Nick Sharma with backing from investment firm Sowell & Co.

Founded in 1999 by Venkat Yerubandi and Bhat Dittakayi, New Jersey-based Vedicsoft has 400 employees across the US and India. Services include data management, business intelligence and business integration, data mining, analysis and profiling, for clients across a wide range of sectors.

In a statement, Vedicsoft said it plans to expand its focus on industry verticals starting with the telecoms industry and eventually adding 'data intrinsic' industry verticals including retail, media and advertising, finance and life sciences. Texas Capital Bank and Farragut Capital Partners were also involved in the transaction.

Sharma (pictured) comments on the MBO: 'This was a strategic move to unleash enormous growth potential for our company. This autonomy will allow us to continue to innovate and further expand our one-of-a-kind network and business analytics expertise to better serve our world-class clients.'

As part of the takeover, Vedicsoft has acquired India-based business intelligence and offshore delivery firm Uclid IT Services, whose founder Piyush Jobanputra joins Vedicsoft as SVP - Offshore Delivery.

Web site: www.vedicsoft.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.