This is technology M&A deal number 564 that ChannelE2E has covered so far in 2022.
Venerate Solutions, founded in 2016, is based in Bangalore, India. The company has 147 employees listed on LinkedIn. Key areas of expertise span Salesforce Financial Services Cloud, Salesforce Marketing Cloud, Vlocity Industry Cloud and various integration tools.
Meanwhile, PwC hinted that Venerate Solutions is part of a larger M&A strategy that will involve continued acquisitions in the cybersecurity, enterprise software, cloud and analytics areas.
In a prepared statement about the deal, Sanjeev Krishan, chairman of PwC in India, said:
“As businesses race to embrace new ways of working digitally, Salesforce has become a key area of client demand. Venerate will augment our Salesforce consulting practice with significant end-to-end capabilities in the areas of platform engineering, and cloud and managed services, thereby bolstering our ambitions as a community of problem solvers.
“This acquisition is aligned with the strategic journey we embarked on last year – a five year vision where we chose priority areas and also expressed our intent to invest in high-quality talent, upskill our partners and staff and add capabilities – ultimately to build trust and deliver sustained outcomes for our clients. Our strategy is to be human-led and tech-powered, both key elements of this acquisition. This opportunity is also in sync with the priority areas that we outlined, two of which are Digital and Alliances."
Biswanath Bhattacharya, founder and director of Venerate added:
“Our strengths combined with PwC India’s extensive reach provide tremendous opportunities for both our clients and our people alike. We look forward to working together to serve clients and help them solve important business problems.”
Venerate CEO Partho Bhattacharya noted:
“The cultures of Venerate and PwC are closely aligned, while the niche skills we bring to market are complementary. The people-first approach of PwC resonates very well with our ethos at Venerate.”
PwC: Exploring More Cybersecurity and Cloud Acquisitions
PwC India Adivsory Leader Arnab Basu hinted that more acquisitions are coming, stating:
“This acquisition marks the beginning of the inorganic growth aspirations of the Advisory business in India. To fast track this, more such opportunities are being actively evaluated in the Cyber, ESG, Cloud & Analytics domain. This is also aligned with the New Equation strategy that we launched last year."
Concluded Pawan Kumar S, leader of technology consulting at PwC India:
“At PwC, we leverage technology to help solve complex business problems, continuously innovate and identify new opportunities for our clients and other stakeholders,” said Pawan Kumar S, Leader – Technology Consulting, PwC India. “The addition of Venerate will enable us to achieve these goals faster while significantly deepening and broadening our capabilities in this space.”
The deal is expected to close in the next few weeks, PwC indicated.