November 2, 2021 – ISELIN, NJ – Myridius (the “Company”), a global digital transformation consultancy providing product engineering, advanced analytics, and cloud services to Fortune 1000 enterprises, has completed a majority recapitalization with Frontenac, a Chicago-based private equity firm. Myridius was previously majority owned by Eos Partners, L.P. (“EOS”), a New York-based private investment firm. Financial terms of the transaction were not disclosed.
Myridius combines digital strategy consulting with modern engineering expertise to build innovative, digital solutions for complex business initiatives at blue-chip enterprises in the financial and insurance services, consumer services, and healthcare verticals. The Company’s global presence includes six offices throughout the US as well as development centers in the Philippines and India.
Rob Simplot, Myridius' President and CEO, said, “EOS has been a terrific partner in our journey to build a global digital consulting powerhouse. Myridius is experiencing rapid growth and the partnership with Frontenac is the next step in the Company’s evolution. The Frontenac team is an experienced group of investors who believe in Myridius. They are committed to helping Myridius provide an even more compelling set of world class digital consulting service offerings and capabilities to the Fortune 1000 marketplace. Frontenac brings extensive industry experience and I look forward to working with them to capitalize on organic and inorganic growth opportunities.”
Michael Langdon, Managing Director at Frontenac, said, “Together with Rob and the Myridius team, we look forward to continuing Myridius' path towards becoming the preeminent digital consultancy with end-to-end capabilities. With our history of working with leading tech-enabled services companies, Myridius is truly a perfect fit with Frontenac. The exceptional leadership team makes us excited to work with them and build on Myridius' history of success.” Joe Rondinelli, Principal at Frontenac added, “Myridius is uniquely positioned in the digital transformation industry with deep vertical market expertise and a global delivery model that designs and builds technology solutions for its clients. We will look to accelerate its growth by investing in leading technology capabilities such as AI, machine learning and advanced analytics, among others.”
Concurrent with the recapitalization, Aziz Virani, a Frontenac executive partner and 30+ year IT services veteran, joins the Board of Directors as Chairman. Virani was formerly with Accenture as the Global Managing Partner, Technology practice for the Financial Services Operating Group, and a member of Accenture’s Global Executive Council. He is also the former CEO of CLEAResult and President – North America, for Avanade, a global professional services company providing IT consulting services for the Microsoft platform. “This announcement marks the beginning of an exciting new chapter for Myridius,” said Virani. “We look forward to partnering with Rob and his management team to enhance the culture of client service, high performance and teamwork that Myridius has established over nearly 47 years. We are excited to assist in providing increased value to Myridius' customers and driving the next stage of growth initiatives to become the leading platform for digital transformation and managed services.”
Honigman LLP served as legal counsel to Frontenac on the transaction. Clearsight Advisors acted as the sole financial advisor to Myridius, and Winston & Strawn LLP served as legal counsel to the Company.
About Myridius:
Myridius, formerly RCG Global Services, leverages over 50 years of expertise to deliver transformative technology solutions. We specialize in AI-driven strategies, digital engineering, cloud innovation, and data analytics to solve industry-specific challenges.
In an era of generative AI and advanced digital systems, Myridius helps businesses unlock new opportunities, drive growth, and stay ahead. With a focus on tangible outcomes, we convert complex challenges into groundbreaking innovation, ensuring sustainable success.
Discover how Myridius can help your organization thrive. Visit www.myridius.com.
About Frontenac:
Frontenac is a Chicago-based private equity firm. The firm focuses on investing in lower middle market buyout transactions in the consumer, industrial, and services industries. Frontenac works in partnership with established operating leaders, through an executive-centric approach called CEO1ST, which seeks to identify, acquire, and build market-leading companies through transformational acquisitions and operational excellence. Over the last 50 years, Frontenac has built a leading franchise working with over 275 owners of mid-sized businesses as they address complex transition issues of liquidity, management enhancement, and growth planning. For more information, please visit www.frontenac.com.
About Clearsight Advisors:
Clearsight Advisors is an independent merchant banking firm dedicated to driving the Knowledge Economy by providing world-class M&A and capital raising solutions exclusively to growth-oriented Business Services and Technology companies. Clearsight combines deep market insights across software, services and data. Clearsight Capital Advisors, Inc., a wholly owned subsidiary, is a registered member of FINRA & SIPC. For more information about Clearsight, visit www.clearsightadvisors.com.