Fractal, which provides artificial intelligence (AI) and advanced analytics solutions to Fortune 500 companies, has signed a definitive investment agreement with alternative asset firm, TPG, which is investing which $360m (£266m) in Fractal through TPG Capital Asia. The transaction includes a combination of primary investment and secondary share purchase from Funds advised by Apax, who will remain a major shareholder following the transaction. The transaction is expected to close by the first quarter of 2022.
As part of the transaction, TPG's Puneet Bhatia and Vivek Mohan will join Fractal's board of directors. All current directors including Gavin Patterson, Rohan Haldea, Shashank Singh, and Gulu Mirchandani will continue to serve on the company’s board. Both TPG and APAX will be minority shareholders in the company.
Fractal's mission is to power every human decision in the enterprise. The company has more than 3,500 employees across 16 global locations, including the US, UK, Ukraine, India, Singapore, and Australia.
TPG is a leading investor in software and enterprise technology, with extensive experience partnering with the world's top AI solutions, business analytics, and data processing companies. Current and past investments include C3 AI, Digital.ai, LLamasoft, MX, Noodle Analytics, and Onfido.
"We continue to see great momentum in how clients are leveraging AI to accelerate digital transformation,” said Fractal Co-founder and Group CEO, Srikanth Velamakanni. “Fractal is building a great workplace and an innovative culture that's driving significant client outcomes through our ‘user focused, decision-backwards’ approach to solving problems. TPG's capabilities across all our markets and their proven success in building and supporting top AI providers is the perfect complement to the partnership we've enjoyed with Apax, whose insight and expertise have been instrumental in accelerating our growth."