Global Synergy SPAC Raises $225M to Acquire IT Service Providers
Global Synergy Acquisition, a blank check SPAC (Special Purpose Acquisition Company), has raised $225 million to buy technology services companies, according to Renaissance Capital.
The SPAC plans to acquire a business that can “benefit from its operational and investing expertise in sectors such as IT Services and Business Process Outsourcing, or BPO, collectively defined as Technology Services or IT Enabled Services (ITES),” Renaissance says.
Global Synergy Acquisition’s executive team includes:
- Everstone Group executives Alok Oberoi and Suresh Vaswani.
- Primavera Investments Partner Hank Uberoi
- MSZ Capital Managing Partner Murtaza Moochhala.
Global Synergy Acquisition has not disclosed what type of IT service providers and outsourcing companies it is seeking to buy.
What Is a SPAC / Blank Check Company?
A SPAC or “blank check” company is designed to raise funds in an initial public offering (IPO) with the aim of acquiring a private business. That private company then becomes public as result of the merger, Reuters notes.
In 2020 there were 248 SPAC IPOs that raised almost $83 billion, and there are 310 total active SPACs as of January 12, 2021, according to SPAC Track.
The SPAC trend may extend into the MSP software market this year, ChannelE2E reports.