Ex CEO of Cognizant may come up with $1 bn private equity fund
By MYBRANDBOOK
The ex CEO of Cognizant, Francisco D’Souza along with others is planning to come up with a $1 billion US-based private equity fund called Recognize. He has already raised a couple of hundred million dollars. The rest of the fund raising is still going on.
As per news source, he has big names from the US private equity and technology spaces in his teams. The fund - Recognize will invest in niche technology assets and has technologists with deep domain expertise both in services and software. The news source also revealed that it is looking at M&As as part of its investment strategy.
As CEO of Cognizant, Francisco D’Souza was a successful leader and helped the company to grow manifolds. He took the revenue of the company from $1.4 billion in 2006 (just before he took over) to $16 billion in 2018, when he stepped down. During his tenure, Cognizant’s headcount grew from 39,000 to 2.8 lakh.
D’Souza’s fund raise comes at a time when private equity dealmaking has slowed down on account of the Covid-19 pandemic. In the first half of 2020, the PE deal value in the US totalled $326.7 billion, 20% lower than in the same period of last year, according to PE research firm Pitchbook.
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