Westport, CT – February 18, 2021. Balance Point Capital ("Balance Point”) is pleased to announce its follow-on investment in Prime Technology Group (“Prime” or the “Company”). Balance Point invested debt and equity capital in support of Prime’s acquisition of Synerzip, a leading Agile software product development firm with over 500 employees. Frontenac, the financial sponsor and majority shareholder of Prime, led the transaction.
Synerzip works closely with clients to accelerate their product and software development roadmap, using agile development practices to scale clients' engineering. Each client works with a dedicated team focused on driving continuous improvement through digital transformation.
Justin Kaplan, a partner at Balance Point said, “Balance Point is excited to continue its partnership with Frontenac and Prime, and extends a warm welcome to Hemant Elhance (Co-Founder and CEO of Synerzip), Vinayak Joglekar (Co-Founder and CTO of Synerzip) and the rest of the Synerzip team. We believe the synergistic combination will result in greater scale and capabilities to enhance the experience for customers of the combined entity.”
About Prime Technology Group
Prime Technology Group is a global technology services Company. The Company provides outsourced software application development solutions, managed software solutions and enterprise content management solutions for highly regulated industries including healthcare, insurance and financial services. Prime works with clients to develop, deliver and then maintain and support complex technology systems which are critical to the client’s core business operations. The Company’s core practice areas include application development, data management, content management and cloud services. The Company is headquartered in Wayne, PA with additional offices in Detroit, MI, St. Paul, MN, Markham, Ontario, and Hyderabad, India. For more information, please visit www.primetgi.com.
Synerzip is a leading-edge Agile software product development partner for high-growth technology companies, helping them accelerate their product roadmap in a flexible and capital-efficient manner. The Synerzip team helps its clients throughout the SAAS product life cycle, including UI/UX Design, Development, and Delivery - incorporating cutting edge technologies like AI/ML/NLP, AR/VR, and IoT/Edge computing, along the way. As a services partner with leading cloud technology vendors, Synerzip helps its clients adopt and accelerate their cloud roadmap, with enabling expertise like Cloud Data Engineering, Microservices & Serverless Architecture, and DevOps & Containerization Practices. Synerzip is an AWS Advanced Consulting Partner, Microsoft Azure Gold Partner, and Snowflake Services Partner.
About Balance Point Capital
Balance Point Capital is an alternative investment manager focused on the lower middle market. With approximately $1.3 billion in assets under management as of January 2021, Balance Point invests debt and equity capital in select lower middle market companies across a variety of investment vehicles. We take a long-term, partnership approach to investing and are committed to building lasting relationships with our partners, management teams and intermediaries.
Balance Point Capital Advisors, LLC (referred to herein as Balance Point Capital) is a registered investment advisor. Further information is available at www.balancepointcapital.com.