Business Services
VedaCorp advises Congruent Solutions, leading retirement plan administration software and services provider, on its private equity investment from Sanaka Capital
About
Congruent Solutions
Congruent Solutions is a software technology and outsourced plan administration provider to the Retirement Plan industry in the US. For over two decades, Congruent Solutions has been helping Plan Providers, Record keepers and Third Party Administrators (TPAs) to provider great CX to Plan Sponsors and Plan Participants.
Sanaka Capital
Sanaka Capital, is a mid-market private equity firm, founded by Mr Shankar Narayanan, formerly the Managing Director and Co-Head of the Asia Growth Capital team of Carlyle, a global PE fund, with over 26 years of experience of investing in India and other Asian countries. Sanaka Group seeks to drive long-term value creation through a well-defined operational value add approach, improved market access, enhanced strategic focus and emphasis on corporate governance.
Background
We are pleased to announce that Sanaka Capital, a leading mid-market focused private equity fund, has invested in Congruent Solutions Private Limited (“Congruent”).
Congruent, headquartered in Chennai, with a subsidiary in the US , is a leading retirement plan administration software and services provider, with expertise across administration and operational services.
Congruent operates in the fast growing Defined Contribution space, catering to Tier 1 US plan providers, using its cloud based enterprise record keeping suite of products “CORE”, and is poised for rapid growth, driven by its product focus addressing the entire retirement lifecycle, movement towards an end-to-end BPaaS model and strong relationships with its global customers.
Sanaka’s deep understanding and connects in the financial services space and its track record as a value-additive investor, will help Congruent realise its global goals and propel them onto their next wave of growth.
Veda Corporate Advisors (“VedaCorp”) was the exclusive financial advisor to the Company and its promoters. VedaCorp provided comprehensive transaction advisory services covering identification of prospective investors, strategic positioning including deal structuring, negotiation of key commercial terms, leading to the successful closure of the transaction.
“At Congruent, we are poised for an accelerated growth in the coming years because of the excellent acceptance by the Retirement Providers and TPA’s in the US of our CORE enterprise Cloud based technology platform and our Outsourced Plan Administration Services. We felt that this was the perfect time for us to have access to capital to fuel both organic and inorganic growth. Sanaka was an excellent fit because of the background and experience of the leadership team. While going through this process, we found VedaCorp to be an ideal partner, guiding us every step of the way.”
Mr. Balaraman Jayaraman
CEO – Congruent