Prime TGI Announces Acquisition by Frontenac
Chicago, IL – December 31, 2019
Prime TGI, Wayne-based technology Services Company, today announced it has been acquired by Frontenac, a leading private equity firm based in Chicago that focuses on investing in lower middle market buyout transactions in the consumer, industrial, and services industries.
Headquartered in Wayne, PA, Prime is a global technology services company with innovation at its core. The Company partners with its clients to develop and deliver cutting edge customized software solutions which are integral to its client’s core business operations, from complex software solutions for pharmacy benefit management systems to data warehousing solutions that enable insurers to underwrite a variety of insurance products. Prime then works with its clients on an ongoing basis to support and maintain these systems. Prime leverages its deep industry expertise, subject matter experts, proprietary IP and software frameworks to solve critical pain points for its clients in the healthcare, insurance and financial services industries.
“Partnering with Frontenac will enable us to fast-track the maturing of our platforms, deepen our market penetration and accelerate our growth. This is a big win for our company, our employees and our customers,” said Sudhakar Goverdhanam, Prime’s founder and CEO.
“Prime fits perfectly with our vision of building a best-in-class application development and modernization services business and adds to our franchise of investing in high quality services businesses,” said Ron Kuehl, Managing Director of Frontenac. “We’re thrilled to be partnering with this ambitious and growth-focused team that has built and expanded an outstanding business.”
Joe Rondinelli, Principal at Frontenac added “Prime’s unique focus on and deep industry knowledge of highly regulated industries are real differentiators. We look forward to helping take the Company to the next level by investing in strategic growth initiatives, recruiting additional outside talent to the Company and adding complementary software development capabilities which strengthen its core practice areas”.
We are proud of the technology services platform Prime developed in collaboration with Renovus. The success of the strategy is evident in doubling of profitability over the last two years and the strongest backlog in the Company’s history,” said Atif Gilani, Founding Partner of Renovus. “We are confident that Sudhakar and Frontenac will continue to build on the Company’s recent success, and we will continue to support them as potential customers and partners.
Prime Technology Group is a global, technology services Company. The Company provides outsourced software application development solutions, managed software solutions and enterprise content management solutions for highly regulated industries including healthcare, insurance and financial services. Prime works with clients to develop, deliver and then maintain and support complex technology systems which are critical to the client’s core business operations. The Company’s core practice areas include application development, data management, content management and cloud services. The Company is headquartered in Wayne, PA with additional offices in Detroit, MI and Hyderabad, India. For more information, please visit www.primetgi.com.
Frontenac is a leading private equity firm, based in Chicago. The firm focuses on investing in lower middle market buyout transactions in the consumer, industrial, and services industries. Frontenac works in partnership with proven operating leaders, through our executive-centric approach called CEO1ST, to identify, acquire, and build market leading companies through transformational acquisitions and operational excellence. The firm has built a leading franchise working with over 275 owners of mid-sized businesses, almost always families or founders, as they address complex transition issues of liquidity, management enhancement, and growth planning. For more information, please visit www.frontenac.com.
Prime Technology Group, LLC 940 West Valley Rd. Suite 1500 Wayne, PA 19087