Keystone Capital invests in Novatio Solutions
Keystone Capital, a Chicago-based private equity firm, has invested in Novatio, an Orlando-based IT consultancy focusing on robotic process automation (RPA) engagements.
Founded in 2014, Novatio is the innovation arm of Solai & Cameron, a Chicago-headquartered IT consulting firm. Novatio specializes in providing RPA solutions to help commercial, government, healthcare, and education clients cut down on human-performed back-office tasks, repetitive transaction processing, and time-consuming reporting.
The company provides full-lifecycle automation solutions in process discovery and mining, software implementation and customization, bot development, and ongoing managed support and execution services. Novatio primarily leverages UiPath and Automation Anywhere software platforms.
The consultancy has more than 100 people in the US and India and has completed 50+ RPA deployments.
Keystone’s investment in Novatio will further its presence in the tech-enabled services sector. The firm targets majority-control, platform investments in companies with Ebitda of $3 million to $15 million in the professional services, business and commercial services, engineering and technical services, and industrial technology and engineered products industries.
Keystone’s portfolio companies include Inspire11, Consor, and Merge.
“We are delighted to partner with a patient and experienced investor in Keystone Capital to help build on the success Novatio has enjoyed to date,” Gokul Solai, CEO of Novatio, said. “Intelligent automation is still in its infancy and this partnership is an important step to ensure we will continue to be at the forefront of the industry.”
Bill Sommerschield, managing director at Keystone Capital, added, “Novatio is exceptionally well-positioned to capitalize on the significant opportunity in the intelligent automation industry. We are thrilled to partner with Gokul and his team to collaboratively build a preeminent service provider in this dynamic and fast-growing marketplace.”
Novatio was advised on the deal by Equiteq, an investment bank specializing in the professional services industry.
“We partnered with Equiteq based on their unique understanding of the intelligence automation industry and track record advising on M&A transactions in the space,” Solai said. “The Equiteq team was instrumental in guiding us through the process and selecting Keystone as the right partner to support the business through the next phase of growth.”
Graham Bell, VP at Equiteq, added, “It was a pleasure working with Gokul and his team on this transaction and we believe that partnering with Keystone will help the business reach its full potential.”
Equiteq also recently advised 4 Mile Analytics, a Santa Cruz, CA-based data consulting firm, on its sale to S4 Capital.
