TRIVE CAPITAL & BAYLINK CAPITAL CREATE VELTRIS TO DELIVER NEXT GENERATION ARTIFICIAL INTELLIGENCE AND DIGITAL & PRODUCT ENGINEERING SERVICES

SAN FRANCISCO and DALLAS, Oct. 4, 2023 /PRNewswire/ — Trive Capital (“Trive”), the Dallas-based private equity firm, and BayLink Capital (“BayLink”), are excited to announce their investment into Veltris (the “Company”), a next generation technology services company specializing in developing solutions in Data & Artificial Intelligence (“Data/AI”), Engineering R&D (“ER&D”) services and Digital Product Engineering Services (“PES”). The Company was formed through the partnership and simultaneous combination of Wavelabs Technologies (“Wavelabs”) and West Agile Labs (“West Agile”). Headquartered in San Francisco, California, Veltris offers “chip to cloud” product development services encompassing software embedded in the physical/hardware layer all the way up through custom software at the application layer. The Company embraces a design-centric full-stack development approach starting with consultative solutioning, through design, architecture, development, testing and deployment. Veltris delivers these offerings to a wide array of SMB and Fortune 500 clients through a global delivery model from its headquarters in the U.S. and its global locations in Canada and India.

Founded in 2015, Wavelabs has been a front-runner in providing Engineering R&D services and solutions. Wavelabs positions itself as an AI-first technology services company driving digital, cognitive & industry 4.0 transformations. It was built to support organic and inorganic growth to deliver cutting-edge products and solutions at the intersection of physical, digital, connected, intelligent and autonomous.

Founded in 2012, West Agile is a digital product engineering firm that provides consultative solutions, product architecture, UI/UX design, application development, quality assurance solutions & DevOps. West Agile’s services enable rapid digital product development within an enterprise as well as SaaS product and platform development.

As part of the transaction, Mansoor Khan and Pramod Dabir have assumed the roles of Chief Executive Officer and President, respectively. Mansoor was most recently the CEO of Wavelabs, and Pramod was most recently the Founder and CEO of West Agile.

Mansoor commented, “Wavelabs has a strong track record of enabling technology start-ups, SMBs and Fortune 500 customers, to accelerate business and industry transformations. Through this partnership with West Agile, we will be able to offer our clients a complete suite of software development services and assist them through each step of their digital transformation journey. Alongside Pramod, I look forward to working with our dedicated team across the world to fulfill our mission of partnering with our clients to innovate, accelerate, and transform their business.”

Pramod commented, “We couldn’t be more excited to form Veltris alongside the Wavelabs team. The combination of West Agile’s strength in consultative solutioning, design and UI/UX coupled with Wavelab’s artificial intelligence and ER&D capabilities allows us to serve our customers with the full suite of services they need to accelerate their digital transformation.” 

Nick Miner, Managing Director at Trive, commented, “We are thrilled to partner with Wavelabs and West Agile to form the Veltris platform. The unique combination of West Agile’s digital and design expertise with Wavelab’s deep artificial intelligence and industrial transformation capabilities positions us to capture the strong growth opportunities we see coming as companies seek to harness the power of data and integrate cognitive capabilities into their digital systems across the enterprise. Our growth strategy will include organic initiatives as well as acquisitions that will build upon our technical capabilities and add delivery locations so that we can serve customers from numerous geographies across the globe.”

Chris Zugaro, Partner at Trive, said, “We are delighted to invest in the business and further support our customers on their digital transformation journey. We look forward to partnering with Mansoor and Pramod to drive the next phase of growth.”

Kaustuv Sen, Managing Partner at BayLink, stated, “We are excited to be active partners alongside this combined management team to accelerate growth under the Veltris platform. Alongside Trive and the management team, we look forward to driving an ambitious growth plan through acquisitions as well as by building out our go-to-market and delivery capabilities in the US and across the world.”

Veltris is actively seeking add-on acquisition opportunities in Data/AI, ER&D and Digital Product Engineering Services firms across the U.S., Europe, Latin America and Asia.

About Veltris

Veltris provides next generation technology services and solutions to a wide array of SMB and Fortune 500 clients. These services and solutions include Data & Artificial Intelligence, Engineering R&D, and Digital Product Engineering. With a global technical and business workforce, Veltris prides itself on innovating, accelerating, and transforming business for its customers. For more information, please visit www.veltris.com.

About BayLink Capital

BayLink Capital is a San Francisco, CA based private investment firm founded by seasoned investors and operators. BayLink invests with a business builder approach to be value-added partners to management teams, and seeks to accelerate growth and value creation to help build significant companies that can become winners in their category. BayLink is focused on investments in North American healthcare and business services companies.

About Trive Capital

Trive Capital is a Dallas, Texas based private equity firm with more than $4 billion of regulatory assets under management. Trive focuses on investing equity and debt in what it sees as strategically viable middle-market companies with the potential for transformational upside through operational improvement. We seek to maximize returns through a hands-on partnership that calls for identifying and implementing value creation ideas.

The Trive team is comprised of seasoned investment professionals who have been involved in over 100 middle-market transactions representing in excess of $6 billion in revenue across Trive’s targeted industry sectors and situations.

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SOURCE Trive Capital