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BENGALURU : Recognize, a technology investment firm founded by seasoned industry leaders, has raised approximately $1.3 billion for its inaugural fund. The firm will singularly focus on the $2-trillion technology services industry and partner with next-generation technology services firms to translate innovations into business value.

“Recognize strives to be a first-of-its-kind platform, linking inspired technology entrepreneurs and founders who have unconventional ideas with strategic capital, operational expertise, and industry insights," the company said in a statement.

The firm was founded by a team of industry veterans with diverse backgrounds and extensive experience building global technology companies and making strategic investments. The team includes Frank D’Souza, cofounder and former CEO at Cognizant Technology Solutions; Raj Mehta, former President of Cognizant; Charles Phillips, former president of Oracle; and David Wasserman, former partner at private equity firm Clayton, Dubilier & Rice.

Recognize has invested in three companies so far including Ciklum, a cloud-native, digital engineering firm; SpringML, a pure-play services organization focused on data, AI/ML, and other Google Cloud solutions; and Torc, a company redefining the future of work through a virtual talent platform for software engineers. They are in talks with a fourth company which will be announced in the next few weeks.

“The speed of technological innovation is changing entire industries, and it is imperative for businesses and governments to keep pace," said cofounder Frank D’Souza. “The technology services market is 3.5x larger than the software industry, yet the sector has only attracted one-third of the amount of private equity capital, underscoring the opportunity for focused investors with a deep knowledge of the industry."

“Software and technology services have always been closely linked and the next-generation of hybrid services companies will apply more proprietary technology to their service delivery in order to create repeatable business outcomes," said cofounder Charles Phillips. “In addition, we see a tremendous opportunity to use our platform to create technology jobs in historically underrepresented communities."

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