Tessolve declared that it had obtained $150 million in capital from TPG, a prominent international alternative asset management company. In an effort to solidify its position as a major facilitator of the global and Indian semiconductor ecosystem, Tessolve plans to use the extra funding to expand its sophisticated test facilities, fortify its global delivery hubs, and expedite strategic acquisitions. TPG made investments through its middle market and growth equity platform, TPG Growth.
Tessolve declared that it had obtained $150 million in capital from TPG, a prominent international alternative asset management company.
In an effort to solidify its position as a major facilitator of the global and Indian semiconductor ecosystem, Tessolve plans to use the extra funding to expand its sophisticated test facilities, fortify its global delivery hubs, and expedite strategic acquisitions. TPG made investments through its middle market and growth equity platform, TPG Growth.
Because semiconductors are essential to many industries, including data centers, the automotive industry, and others, and because they are at the heart of the artificial intelligence (AI) revolution, they have become highly strategic to the global economy.
18 of the top 20 semiconductor companies in the world today cooperate with Tessolve, a major provider of engineering services in the US$550 billion semiconductor business.
With offices in India, the US, Germany, the UK, Singapore, and Malaysia, it has more than 3,000 engineers working for it. To help enable a comprehensive solution offering to its clients, it has invested heavily in the construction of 11 semiconductor test and embedded labs worldwide.
Leadership Comments
Ujjwal Munjal, Vice Chairman, Hero Electronix and Chairman, Tessolve remarked, “This investment is a significant milestone for Tessolve and a testament to Hero Electronix’s vision to build leading technology ventures of global scale from India. I would like to congratulate and thank the entire Tessolve team for its unwavering commitment which has made this milestone possible. With TPG joining this journey, we see an exciting opportunity for Tessolve to scale further and became a key player in the global semiconductor value chain and also play an important role in the development of the Indian semiconductor ecosystem”
Srini Chinamilli, Co-Founder & CEO, Tessolve, said, “Over the past couple decades, Tessolve has built deep capabilities throughout the semiconductor engineering value chain, from chip architecture, to design, test development and embedded systems. We are excited to welcome TPG as a partner as we look to accelerate our next phase of organic and inorganic growth, strengthen our R&D efforts, and reach new heights. This would not have been possible without the dedication of our worldwide team and the consistent backing of Hero Electronix and Novo Tellus as our partners.”
Bhushan Bopardikar, Business Unit Partner at TPG Growth said, “Over the years, Tessolve has grown from a test engineering lab to a full-scale semiconductor engineering services provider, with end-to-end capabilities across the semiconductor value chain. As a partner-of-choice for many of the world’s fast growing, tech-forward organizations, we are excited to partner with Srini and his team and have Tessolve among our portfolio of innovative tech businesses.”
Jefferies acted as the advisor to the Company and shareholders on this transaction. Rothschild acted as the financial advisor to TPG.
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