General Atlantic closes $108 mn investment in Mu Sigma
"General Atlantic brings a global perspective, experience and relationships that will be very valuable to our growth globally. With General Atlantic and Sequoia Capital as investors, we now have both a world class private equity firm and a world class venture capital firm behind us," Mu Sigma founder and chief executive Dhiraj Rajaram said.
This is claimed to be the biggest private equity investment made to date in the emerging market for analytics services, and follows Mu Sigma's USD 25 million investment round led by Sequoia Capital in April this year.
A portion of these proceeds will be used to purchase shares held by existing shareholders, all of whom will continue to have stakes in the company, the company statement said, adding it reflects a broadening of the firm's shareholder support and a strong endorsement by General Atlantic, one of the world's largest growth equity investors with a successful 31-year track record.
"We are excited to partner with the clear market leader in the rapidly emerging field of analytics and decision sciences for large global enterprises. We have long known and admired Mu Sigma for the strength of its management team and its innovative service offerings. We look forward to working together to build a globally pre-eminent analytics company," General Atlantic chief executive Bill Ford, who will soon join Mu Sigma's board, said.
Mu Sigma is already profitable and can finance its own operations, but will use investment funds to accelerate its growth in the burgeoning analytics services market, an official statement said. The company has grown rapidly since its founding in 2004.
"Mu Sigma has world-class analytics capabilities, a unique operating model and a refreshing and unconventional culture that continues to create tremendous client impact for dozens of Fortune 500 companies. We are delighted to back the company in its mission to institutionalize decision sciences in corporations," Sequoia Capital's Managing Director Shailendra Singh said.