Norwest Equity Partners (“NEP”), a leading middle market investment firm founded in 1961, has completed the sale of its portfolio company, Avtex Solutions, a leading end-to-end Customer Experience (CX) solution provider and technology company, to TTEC, one of the largest global technology and services innovators for end-to-end, digital CX solutions.
The transaction, initially announced in March 2021, closed on April 8, 2021
“NEP was a great and supportive investment partner that worked with us to build Avtex into a bigger, stronger company. From the very beginning, NEP understood and shared our vision for growth and focus on clients. The combination of NEP’s capital, strategic insight and extensive resources helped guide us to the place where we can take it to the next level with TTEC. NEP will always be an important relationship to Avtex,” stated George Demou, Avtex CEO.
NEP’s 2018 investment was a significant milestone for Avtex as the Company sought capital and additional resources to expand its service offerings and accelerate inorganic growth. During its tenure with NEP, Avtex completed nearly 3x more premise-to-cloud contact centre migrations than any other Genesys partner and was recently named the 2020 Global Partner of the Year. Avtex also built a strategic consulting practice to integrate CX design into the delivery process, serving as a highly effective funnel to exponentially grow solutions and services engagements.
The Company supplemented organic growth initiatives with accelerated M&A investment, closing five acquisitions under NEP ownership: Aria Solutions (October 2020); CPI Solutions (May 2020); NuSoft Solutions (May 2019); Automated Voice & Data Solutions (March 2019); and Adapt Technology Services (August 2018). These strategic transactions helped assemble a high-value portfolio of IP assets, grow the customer base, and expand the world-class technical talent at Avtex.
Todd Solow, NEP Partner, shared, “The Avtex employee and client culture is nothing short of impressive, and it has been very rewarding to work with George and his team. We know we accomplished what we set out to do, helping build Avtex into the leading CX solutions provider for the middle market. The entire NEP team is excited for all Avtex’s accomplishments and know that TTEC is a great next partner for them. Together, they will provide an end-to-end CX platform that will address every aspect of the market.”
Guggenheim Partners advised Avtex on the sale transaction; Winston & Strawn served as lead legal advisor; PWC provided transaction advisory services; and RSM advised on tax and audit matters. Avtex is headquartered in Bloomington, Minnesota and employs more than 550 people.
About Norwest Equity Partners
With offices in Minneapolis and West Palm Beach, NEP has been investing in growing, profitable, and scalable middle market companies for more than 60 years. Visit nep.com to learn more.
TTEC Holdings, Inc. (NASDAQ: TTEC) is one of the largest global CX (customer experience) technology and services innovators for end-to-end, digital CX solutions. The Company delivers leading CX technology and operational CX orchestration at scale through its proprietary cloud-based CXaaS (Customer Experience as a Service) platform. Serving iconic and disruptive brands, TTEC’s outcome-based solutions span the entire enterprise, touch every virtual interaction channel, and improve each step along the customer journey. Leveraging next-gen digital and cognitive technology, the Company’s Digital business designs, builds, and operates omnichannel contact centre technology, conversational messaging, CRM, automation (AI / ML and RPA), and analytics solutions. The Company’s Engage business delivers digital customer engagement, customer acquisition & growth, content moderation, fraud prevention, and data annotation solutions. Founded in 1982, the Company’s singular obsession with CX excellence has earned it leading client NPS scores across the globe. The Company’s nearly 61,000 employees operate on six continents and bring technology and humanity together to deliver happy customers and differentiated business results.
To learn more, visit us at https://www.ttec.com.
Avtex is a full-service Customer Experience (CX) company focused on helping organizations build meaningful connections with their customers, members, and constituents. Avtex offers a wide range of solutions to support CX transformation planning and orchestration of experiences for clients. Avtex has offices across the U.S., with headquarters in Minneapolis. Avtex is recognized as a gold partner of both Microsoft and Genesys, leveraging their world-class platforms as the foundation for customer engagements and digital transformation.
Visit www.avtex.com for more information.