Frontenac Completes the Sale of Excellarate to Encora

CHICAGO, IL

Frontenac, a Chicago-based private equity firm, today announced that it has completed the sale of Excellarate, a provider of global technology services and solutions, to Encora, a global Next-Gen product engineering services provider. Terms of the transaction were not disclosed.

Headquartered in Wayne, PA, Excellarate provides product engineering services such as outsourced application development, agile software development, UI/UX design, AI, analytics, automation and managed solutions for complex, highly regulated industries. Frontenac led the recapitalization of Prime Technology Group in 2019, merged it with Synerzip, an agile software product development partner for high-growth technology companies, in 2020, and subsequently rebranded the combined business as Excellarate in 2021. With over 20 years of deep domain expertise in HealthTech, FinTech, InsurTech, and enterprise technology, Excellarate solves complex business problems for start-ups and Fortune 1000 companies by accelerating innovation and digital transformation.

Frontenac’s investment in Excellarate supported the purchase and integration of two strategic acquisitions, drove expansion and depth of the company’s service offering and scope, deepened the management team and enhanced the company’s engineering capabilities and sales processes. These efforts resulted in more than tripling of revenue and earnings during Frontenac’s ownership period. 

“The strength and stability of Frontenac and their CEO1ST approach allowed management at Excellarate to grow aggressively over the past three years and differentiate ourselves in a large crowded market,” said Nick Sharma, CEO of Excellarate. “Our combined and relentless focus on clients and employees solidified our success and has set a great platform for future growth. We are excited to partner with Encora for the next chapter of our growth story. I personally would like to thank Joe Rondinelli, Aziz Virani and Ruth Siporin on the Board for their ongoing support and advice.”

“Frontenac is proud to have collaborated with Nick Sharma, the Excellarate team and our CEO1ST Partner, Aziz Virani, to support the company’s exceptional growth over the last three years,” said Joe Rondinelli, Managing Director of Frontenac. “During our partnership, we executed a strategic plan to deepen our HealthTech and FinTech centers of excellence, expanded our product engineering capabilities and solutions, and added depth to our management team. Excellarate is well-positioned for continued growth in this dynamic market and we look forward to following Excellarate’s progress and accomplishments in the future under new ownership and leadership from Encora.”

Aziz Virani, Board Director at Excellarate, commented, “It has been an honor to work with the Excellarate team.  The Excellarate team has achieved outstanding growth while serving an enviable list of clients.  We are proud of what Excellarate has built in collaboration with the Frontenac team and we are confident the business will continue to flourish under its new ownership.”

Canaccord Genuity served as exclusive financial advisor to Excellarate and DLA Piper LLP served as legal counsel.

ABOUT EXCELLARATE

Excellarate is a global technology services and solutions company with over 20 years of domain expertise within health, insurance, financial and enterprise technologies. The company is a trusted partner of over 250 clients including Change Healthcare, Ad Giants, Alchemy Systems, and Centric Software to accelerate innovation and achieve business agility. Excellarate has strategic technology and solution partners including AWS, Azure, GoogleCloud, Appian, Salesforce to help drive digital transformation for our clients. With over 1,300 engineers across North America and India, Excellarate provides a dual-shore delivery model that empowers clients to drive innovation and accelerate time-to-market. For more information on Excellarate and its client success stories, please visit excellarate.com.

ABOUT FRONTENAC

Frontenac is a Chicago-based private equity firm. The firm focuses on investing in lower middle market buyout transactions in the consumer, industrial, and services industries. Frontenac works in partnership with established operating leaders, through an executive-centric approach called CEO1ST, which seeks to identify, acquire, and build market-leading companies through transformational acquisitions and operational excellence. Over the last 50+ years, Frontenac has built a leading franchise working with over 300 owners of mid-sized businesses as they address complex transition issues of liquidity, management enhancement, and growth planning. For more information, please visit frontenac.com.