Bain Capital has acquired a majority stake in Atlanta-based Rural Sourcing, a provider of onshore outsourced digital tech and IT services.
According to a news release, Bain Capital's impact investing business, Double Impact, took the majority stake. Rural Sourcing will continue to operate under its current management team, who are also significant investors in the company. With the new partnership, the company hopes to scale its national footprint and services, while providing more jobs across the country.
Founded in 2004, Rural Sourcing's mission was to provide high-tech jobs in rural parts of the country, including Mobile, Ala., Augusta, Ga. Jonesboro, Ariz., Albuquerque, N.M., Oklahoma City, Okla. and Fort Wayne, Ind. The mission is part of a larger trend to bring tech jobs back to the United States, after decades of IT jobs and callcenters being implemented overseas, the company states. The company provides software development services, including application development, cloud migration, application security, web and mobile UX design and legacy modernization services.
"We've been impressed by Bain Capital Double Impact's commitment to bringing workforce development into the 21st century and their recognition that our business model nurtures the growth of new technology hubs across the country, ensuring that talented professionals shouldn't have to choose location over vocation," Monty Hamilton, CEO of Rural Sourcing, said in a statement. "This partnership will help to drive our expansion into new geographies and add new high-value digital and cloud solutions as we continue to build Rural Sourcing into a leading provider of cost-efficient onshore IT services for Fortune 1000 companies."
In addition to investing in Rural Sourcing, Bain Capital has invested in other tech companies such as Bellsystem24, Brillio, Blue Coat, BMC Software, Central Square, Genpact, QuEST Global Services, SunGard Data Systems, Vertafore, Viewpoint and Waystar.
"Monty and his team recognized that several industry trends reinforced the value proposition of onshore IT outsourcing, including the transition towards fast-paced, agile software development cycles and new workforce strategy models. Rural Sourcing has developed a powerful onshore business model to capitalize on this wave by leveraging a strong talent base in mid-size metro areas in the United States," Iain Ware, principal at Bain Capital Double Impact, said in a statement. "Fostering high-quality employment opportunities is a bedrock of our community building thesis and we look forward to partnering with Rural Sourcing to grow the business, create jobs and catalyze growing technology communities in these cities."
