Partnership Enhances Clevertech’s Growth Trajectory and Execution of Leading RemoteNative™ Platform to Support End-to-End Digital Product Development
New York, NY, June 2, 2023 / — Avance Investment Management (“Avance”), a leading investment firm that partners with founder-owned businesses, announced that it has made a strategic investment in Clevertech Partners LLC (“Clevertech”), a premier provider of end-to-end digital product development and complex digital transformations. Terms of the transaction were not disclosed.
Founded in 2000 with the goal of bringing a new execution modality to large scale software engineering engagements for startups, private equity backed businesses, and large and mid-size enterprises, Clevertech has established itself as the partner of choice for a wide range of leading organizations, including numerous blue chip and segment leading organizations. Clevertech provides clients with a portfolio of diversified offerings in the software development and digital transformation arena to solve the most critical and complex challenges the C-suite faces today.
The transaction, which was completed in recent months, will enhance Clevertech’s growth trajectory and strategy, strengthening its best-in-class offerings to further support leading platforms, growth equity firms and blue chip enterprises that are executing their digital transformation journeys. The existing Clevertech management team will continue to lead the business as the company expands its footprint and innovates its suite of services across North America and Western Europe.
“As an organization, we are singularly focused on creating a world class product development partner of choice, enmeshed with a culture of excellence,” said Kuty Shalev, Chief Executive Officer of Clevertech. “It is rare you meet a team with whom you are immediately on the same page and in sync, and we found that with Avance, who are fully aligned with our strategy and growth plans.”
“We are thrilled to be partnering with Avance to continue building and strengthening our RemoteNative™ model, which we believe is the future of digital transformation execution,” said Michael Hagler, President of Clevertech. “Avance shares our excitement about the future of Clevertech, and we look forward to building together as we work to deliver on the growth opportunities ahead.”
“Clevertech has a differentiated approach to digital product engineering, offering its clients exceptional speed, quality, and efficiency for their most complex software development needs,” said John Civantos, Senior Partner of Avance. “We believe the Company is well-suited for Avance’s proprietary STAGE™ process focused on business expansion and value-enhancement, and we are thrilled to add Clevertech to our growing technology and services portfolio.”
William Blair & Company and Wilk Auslander LLP advised Clevertech, while Avance was advised by Canaccord Genuity Group and Greenberg Traurig, LLP.
Clevertech is a leading provider of end-to-end software development and digital transformation execution for select venture backed organizations, private equity sponsored firms, and large and mid-size enterprises. Using their RemoteNative™ delivery model, Clevertech brings a differentiated and global perspective to some of the hardest problems facing the C-Suite today.
About Avance Investment Management
Avance is a private equity firm with a passion for building great businesses in partnership with talented management teams. Avance focuses primarily on thematic investments within the Services, Technology and Consumer areas in the US, seeking attractive opportunities with catalysts for growth and fragmented spaces with consolidation opportunities. Avance’s team has a long history of partnering with founder-owned businesses, industry executives, and management teams and aims to add value to each investment. Avance has offices in New York and Miami.
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