WASHINGTON, December 13, 2022 — The Halifax Group (“Halifax”), a middle market private equity firm that partners with management to invest in market-leading companies, announced today that it has completed a control investment in Milestone Technologies Inc. (“Milestone” or the “Company”), a provider of value-added IT services to blue-chip, enterprise clients. The current senior executive team, including CEO Sameer Kishore, will continue to lead the Company, and invest alongside the selling shareholders. Two Sigma Impact, a private equity firm that focuses on investing in the workforce and utilizes data science and technology as part of its approach, made a minority investment as well. Additional terms of the transaction were not disclosed.
Founded in 1997 and based in Fremont, CA, Milestone Technologies is a global IT services firm that partners with organizations to support their forward-looking digital transformation roadmaps and to scale their IT capabilities. Milestone provides a variety of best-of-breed solutions across Application Services, including digital product engineering and ServiceNow-oriented services, Digital Workplace Services, and Private Cloud Services. The Company primarily serves its clients through an end-to-end managed services model and maintains flexibility to leverage other delivery models to meet clients’ needs. Those clients include some of the largest and fastest growing companies in the technology, healthcare, and consumer markets.
“We are excited to be joining forces with our new partners,” commented Mr. Kishore. “We have been on a fantastic journey over the past few years, achieving our strategic plan ahead of schedule and expanding how we support our global employees and clients. We are eager to leverage the financial and operational resources that Halifax and Two Sigma Impact bring as we enter into the next phase of growth.”
David Bard, Partner at Halifax, said, “We are privileged to partner with Sameer and the Milestone team. They have proven themselves to be a best-in-class management team with an impressive story to tell. Halifax has built a strong thesis and set of executive relationships around IT services, which we aim to bring to bear to support Milestone in building on and further accelerating their tremendous success to date.”
“Milestone’s employee-first culture and client-centric approach to delivering value has helped the Company meet its customers’ needs and drive deep relationships, which is reflected in extremely high client retention over the past several years,” added Tom Cassidy, Vice President at Halifax.
Halifax has a history of supporting leading IT services companies, such as Trimech, an end-to-end technology partner to the advanced engineering and manufacturing industries. During Halifax’s ownership, the company expanded its solution offerings, entered new markets, and developed into a premier platform serving North America and Europe. Halifax sold a majority stake in Trimech in March 2022 to Sentinel Capital Partners.
# # #
About Milestone
Milestone Technologies is a global managed services provider based in Silicon Valley and has been providing diverse IT Managed Services since 1997, helping hundreds of leading corporations deliver technology around the globe. The company employs over 3,100 industry professionals, serves over 200 clients, and operates in 31 different countries. For more information, please visit https://milestone.tech/ and follow Milestone Technologies on LinkedIn.
About The Halifax Group
Founded in 1999, The Halifax Group is a private equity firm that partners with managers and entrepreneurs to recapitalize and invest in lower middle-market businesses with total
enterprise values generally between $100 million and $300 million. Halifax specializes in equity recapitalizations, corporate carve-outs, and management buyouts and invests across a variety of industries, including health and wellness, outsourced business services, and franchising. The firm is headquartered in Washington, D.C. and maintains an office in Raleigh, NC. For more information, please visit www.thehalifaxgroup.com.
About Two Sigma Impact
Two Sigma Impact is a business of Two Sigma. Its mission is to combine active, principled ownership and data science with the goal of achieving superior returns and positive social outcomes. The Two Sigma Impact team is focused on workforce impact– where they anticipate innovative and thoughtful investments in humans will lead to an enhanced employee experience, productivity, and long-term financial returns. As part of Two Sigma, Two Sigma Impact has access to expertise in data science, technology, and a range of corporate specialties, and seeks to support its portfolio companies with those resources.