22 December 2021

Carey Olsen supports Advent as it acquires majority stake in Encora

Carey Olsen's corporate team in the Cayman Islands has advised global private equity firm Advent International (Advent) in connection with its acquisition of a majority stake in Encora, a leading software and digital engineering services company, from Warburg Pincus, the existing majority shareholder.

Founded in 2005 and rebranded in 2020, Encora specialises in outsourced software product development services, using deep technical expertise in machine learning, artificial intelligence, data science, cloud services and other next-generation digital engineering disciplines for tech-enabled and digital-native companies.

Since being acquired by private equity firm Warburg Pincus in 2019, Encora has undergone rapid growth and is now valued at approximately US$1.5 billion. The new partnership with Advent will enable Encora to further accelerate its global growth, both organically and through targeted M&A opportunities, expand its differentiated delivery model and advance its customer-facing digital services.

Working alongside onshore counsel Weil, Gotshtal & Manges LLP, the Carey Olsen team advising on the Cayman legal and regulatory aspects of the purchase comprised partner Jarrod Farley and associate Trevor McCabe.

Jarrod said: "Carey Olsen is pleased to have assisted Advent on such a notable acquisition and one that sees the firm continue its focus on the fast-growing digital services market."

Encora employs over 6,300 staff across more than 40 offices and innovation labs across the US, Mexico, Costa Rica, Brazil, Colombia, Peru, Bolivia, India and Asia-Pacific.

As part of the transaction, Warburg Pincus retains a minority stake in Encora.

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