CHEVY CHASE, Md. – Farragut Capital Partners, LLC (“Farragut”) is pleased to announce the closing of an investment in Vedicsoft Solutions, LLC. (“Vedicsoft” or “the Company”). Founded in 1999 and based in Iselin, N.J., Vedicsoft provides professional IT staffing services and business intelligence and data warehousing solutions to customers in the insurance, life sciences, finance, manufacturing, retail, telecom, government, and entertainment industries. Vedicsoft has over 400 employees across the United States and India.
Farragut invested $5.5 million of subordinated debt to support a management-led buyout of the Company’s founders. The buyout was led by Vedicsoft President & CEO Nick Sharma and backed by Sowell & Co., a privately held investment firm based in Dallas. Texas Capital Bank provided senior financing in support of the transaction. “This was a strategic move to unleash enormous growth potential for our company,” said Mr. Sharma. “This autonomy will allow us to continue to innovate and further expand our one-of-a-kind network and business analytics expertise to better serve our world-class clients.”
“We’re pleased to partner with Nick and Sowell & Co. on this transaction,” said Alan Cuthbertson, Principal at Farragut. “Vedicsoft is a leader in the fast-growing business intelligence sector of the IT industry, and with Nick’s leadership and Sowell’s support, we think there are some exciting things ahead for the Company.”
“We chose Farragut based on the experience and support they provide beyond investment capital. They were great to work with and an excellent partner to help continue growing VedicSoft," said Will Schramme, Managing Director at Sowell & Co.
Vedicsoft (http://www.vedicsoft.com/) is the twelfth investment of the team’s third fund, Farragut Mezzanine Partners III, LP.