Long Ridge invests over £100 million in QX Global Group

Long Ridge invests over £100 million in QX Global Group
Long Ridge invests over £100 million in QX Global Group

  • Long Ridge is a private investment firm based in the USA
  • The company manages over $1.75 billion in committed capital
  • QX is based in North Yorkshire, UK

Long Ridge Equity Partners will invest over £100 million (US$129 million; €118 million) in QX Global Group, a provider of business process management (BPM) services and technologies.

Based in North Yorkshire, UK, QX specialises in business transformation in the finance and accounting sector, with additional expertise in recruitment and technology consultancy. Revenue increased by around 30 per cent to over £50 million in the last twelve months.

Long Ridge’s investment will support the platform’s continued development and global expansion, a press release said. This transaction follows Long Ridge’s investment in Provana through Fund II.

Abid Neemuchwala, a member of the board of Long Ridge, has co-invested with Long Ridge and will take over as chairman of QX. In addition, Sandeep Bhargava and Karen Powell, co-founders of Provana, will also invest in the business. Pom Chakravarti will take on the role of Group CEO.

QX’s management team will reinvest 85 percent of its proceeds in the transaction and will retain a significant ownership interest in the company after the transaction closes.

Jim Brown, Angad Singh and Doug Nelson will join the board.

Long Ridge is a U.S.-based private investment firm focused on the financial and business technology industries, with over $1.75 billion in committed capital under management.

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