Industry Related TransactionsCentare Acquired by Rural Sourcing, a Bain Capital Portfolio Company
Sellside advisor to Centare
7 Mile Advisors Acts As Exclusive Sellside Advisor To Centare, A Digital Business And Technology Consultancy, On Sale To Rural Sourcing
With Centare’s two locations, Rural Sourcing, a Bain Capital portfolio company, will expand to 8 U.S.-based software development centers.
Centare, a digital business and technology consultancy, has been acquired by Rural Sourcing, Inc. (“Rural Sourcing”), a leader in onshore digital engineering. The acquisition will expand Rural Sourcing’s software product design and development capabilities. In addition, this acquisition will add two Middle America locations to Rural Sourcing’s onshore delivery center network, bringing the total to eight U.S.-based centers.
7 Mile Advisors acted as the exclusive sellside advisor to Centare throughout the transaction. The industry-focused investment bank serves clients across the Tech-enabled Business Services and IT Services ecosystem through partner-led, research-driven, transaction processes.
Garth Martin, Vice President at 7 Mile Advisors commented, “Centare brings a long track record of delivering the highest quality product design, DevOps transformation, and digital engineering services to enterprise clients, and will be a great asset for the broader RSI organization as the demand for digital products and the movement to cloud environments continues to accelerate.”
“7 Mile Advisors’ industry-focus made them an excellent partner for Centare. Their market knowledge, transaction process, and relationships were invaluable and instrumental to achieving a very successful outcome for all of Centare’s stakeholders,” said Paul Wormley, Partner at Hadley Capital
Centare’s Milwaukee and Madison, Wis. locations will bring new skills and scale to the Rural Sourcing network. Existing Centare clients will benefit from access to a broader set of capabilities and resources, and its employees will have access to expanded career opportunities. Rural Sourcing’s existing clients will see even more potential to scale up for big projects through a continued emphasis on software development excellence.
“Rural Sourcing is a great fit for Centare and its colleagues,” said Tim Eiring, CEO of Centare. “Centare has a rich history of building relationships and delivering results. By joining Rural Sourcing, we are bringing new resources to our clients and colleagues while expanding our ability to scale. Culturally, the two organizations are very well aligned, meaning it will be a smooth transition for our colleagues and clients. I’m excited to be a part of the combined organization and Rural Sourcing’s high growth trajectory.”
Centare brings significant digital engineering capabilities including digital product strategy and development, product design, application modernization, and DevOps transformation to Rural Sourcing’s clients. The company has built strong client relationships for 20+ years through trust, transparency, and remarkable results. All traits that mesh well with Rural Sourcing’s company culture.
“Despite the challenges of a pandemic, Rural Sourcing has seen tremendous growth in the need for digital engineering,” said Monty Hamilton, CEO of Rural Sourcing. “Through our onshore model that brings technology jobs to Middle America, we are building new tech hubs, expanding opportunities for talented professionals and delivering world-class development work for our clients. Centare allows us to expand our footprint in the Midwest and join with an organization that values culture, colleagues and community.”
In 2019, Bain Capital Double Impact, the impact investing business of Bain Capital, acquired a majority stake in Rural Sourcing allowing the company to further scale its national footprint and digital service offerings while creating high-quality jobs and new technology corridors across the country.
Centare was previously a portfolio company of Hadley Capital. Hadley partners with small companies in need of ownership transition, management succession, and growth support.
About 7 Mile Advisors
7 Mile Advisors provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. 7 Mile Advisors advises on M&A and private capital transactions, as well as provides market assessments and benchmarking. As a close-knit team with a long history together and a laser focus on our target markets, 7 Mile Advisors helps its clients sell companies, raise capital, grow through acquisitions, and evaluate new markets. All securities transactions are executed by 7M Securities, LLC, member FINRA / SIPC. For more information, including research on the M&A markets, visit www.7mileadvisors.com.
About Centare
Centare is a cloud software product development consultancy that has forged strong partnerships for more than 20 years. Centare’s unique combination of cloud expertise, engineering, quality, product management, and design helps clients successfully build, launch, and scale digital products. As an AWS Advanced Partner and Microsoft Gold Partner, Centare is experienced in recommending the right cloud for clients and the skills to modernize digital platforms using cloud technology.
About Rural Sourcing
Rural Sourcing, backed by Bain Capital Double Impact, is the leading provider of outsourced digital engineering to build, deploy and support critical business and cloud-based software. Rural Sourcing’s unique onshore delivery model is 100 percent U.S.-based, accessing untapped technology talent in Middle America cities. By providing an alternative to offshore outsourcing, Rural Sourcing eliminates the obstacles of time zones, distance, language, and geopolitical risks. Scrum-as-a-Service®, Rural Sourcing’s unique engagement framework for Agile software development, provides rapid and flexible deployment of multidisciplinary teams via an elastic consumption model and predictable monthly pricing. The company provides world-class solutions for technology-centric and Fortune 1000 clients across various industries including healthcare, technology, logistics, financial services and pharmaceutical.
