Bain Capital Private Equity has acquired a majority stake in digital technology consulting and solutions company Brillio that primarily serves the North American and European markets and has a 1,500-plus strong team spread across seven countries in three continents. Brillio will continue to be led by the current management team headed by chief executive Raj Mamodia.

The firm did not disclose any details about the stake that Bain has acquired or the amount for which it was bought. The transaction is expected to close during the first quarter of 2019.

Brillio was formed four years back as a spin-off of IT services company Collabera. Brillio claims it uses proprietary methodologies to help customers re-imagine their businesses and competitive advantages and develops and deploys disruptive industrial-grade digital solutions using UX design, digital applications, big data analytics, cloud, security and digital engineering.

In an interaction with FE, Brillio’s CEO Mamodia said he remains confident that the company is likely to do sizeable acquisitions, going forward.

“I see this acquisition in support of our strategy, not changing our strategy. I judge it is going to get more aggressive. It has been four years since we have been in business and we have driven growth north of 30% year-on-year. Bain Capital India is the primary sponsor. I think it gives us a lot more horsepower to go out and follow the acquisition strategy. So far, we have done two acquisitions and going forward, I expect to do one to two every year. In 2019, we will do a sizeable acquisition,” he told FE. The firm is expecting its revenues to touch $500 million over the next five years.

Bain has been monitoring the company’s business for the last 30 months but serious talks about the acquisition began sometime in the middle of 2018, according to Mamodia. On being asked about the likelihood of Bain increasing its stake in the firm in the future, Mamodia did not rule out the possibility. “Our strategy is to continue to invest very aggresively in the market and as those investments increase, there may be an opportunity at that point in time,” he said.

Pavninder Singh, managing director at Bain Capital Private Equity, indicated in a release that over the last few years, Bain has built a close relationship with Mamodia and his team.

“They have built Brillio into a disruptive business by creating an agile, digital-first team of professionals who provide a best-in-class delivery engine that delivers real-time impact for customers,” he said.

Brillio serves North American and European markets but majority of its revenues comes from North America. As a result, any acquisitions that the company may consider – while may be based out of India or may have significant operations in India – would have their customer focus predominantly in the US and some parts of Europe, Mamodia explained.

The firm is still finalising its board structure but will have two board seats that will represent Bain, Mamodia said. It has a total of five board members.

Brillio also indicated in the release that customers can expect an increased focus on building industry-specific capabilities and solutions in the areas of design, experience, product engineering, AI, machine learning, blockchain, NLP, cloud and analytics that deliver differentiated digital transformation outcomes.

Wilson Sonsini Goodrich & Rosati is serving as legal counsel to Brillio. Kirkland & Ellis is serving as legal counsel and PwC as accounting advisor to Bain Capital PE.