The Halifax Group (“Halifax”), a middle market private equity firm that partners with management to invest in market-leading companies, 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 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.
