Excellarate

Canaccord Genuity Advises a HealthTech & Fintech Focused Digital Transformation Specialist, Excellarate, on its Sale to Encora

Canaccord Genuity is pleased to announce it has advised Excellarate, a provider of global technology services and solutions, to Encora, a global, next-gen product engineering services provider and a portfolio company of Advent International and Warburg Pincus. Excellarate was previously a portfolio company of Chicago-based private equity firm Frontenac.  

Headquartered in Wayne, Pennsylvania, Excellarate provides product engineering services that accelerate innovation and achieve business agility, such as outsourced application development, agile software development, UI/UX design, AI, analytics, automation, and managed solutions, for complex, highly regulated industries, including healthcare, insurance, financial services, and enterprise technology. The company is a trusted partner of more than 250 clients, including Change Healthcare, Ad Giants, Alchemy Systems, and Centric Software, among others. Excellarate’s strategic technology and solution partners, including AWS, Azure, GoogleCloud, Appian, and Salesforce, help drive digital transformation for its clients. With more than 1,300 engineers across North America and India, Excellarate provides a dual-shore delivery model that empowers clients to drive innovation and accelerate time-to-market.

Frontenac led the recapitalization of Prime Technology Group in 2019, merged it in 2020 with agile software product development partner Synerzip, and, subsequently, rebranded the combined business as Excellarate in 2021. Frontenac’s partnership with Excellarate also drove the expansion and depth of the company’s service offerings and scope, deepened the management team, and enhanced the company’s engineering capabilities and sales processes, resulting in revenue and earnings more than tripling during Frontenac’s ownership period. Excellarate is well-positioned for continued growth in its dynamic market under new ownership and leadership from Encora.

Encora is the preferred innovation partner to some of the world’s leading technology companies. The company’s proprietary agile engineering capabilities, micro-industry vertical expertise, and global talent pool enable clients to improve their speed to impact. Encora provides next-gen services, such as predictive analysis, machine learning, artificial intelligence, IoT, cloud, and test automation. The company has deep cluster vertical capabilities in healthtech, fintech and insurtech, hitech, IAM and cybersecurity, digital commerce, edtech, supply chain and logistics, telecom, and other specialized industries. Encora is headquartered in Scottsdale, Arizona and has more than 7,600 associates in 40+ offices and innovation labs across the US, Canada, Mexico, Costa Rica, Colombia, Bolivia, Peru, Brazil, India, and Asia Pacific.

Canaccord Genuity, with a team led by Ben Lunka, JP Michaud, Rohan Sura, and Andrew Hinkson, served as the exclusive financial advisor to Excellarate and Frontenac.