Today, we announced in a press release that in 2023 our portfolio of cloud-focused consultancies and managed service providers grew more than 30% year-over-year – more than three times the growth rate of the overall IT services market. We also announced that we had received the 2023 Investment Trailblazer award by Tech Trailblazers for our innovative approach to investing.
In the last three years, Tercera, one of the only growth equity firms dedicated exclusively to technology services, has developed a reputation for identifying fast-growing software ecosystems with strong services potential, and investing in the leaders within those ecosystems.
Over the last 12-18 months, four of Tercera’s portfolio companies have been designated Partner of the Year by their strategic software partners, a designation that highlights their traction and market leadership. These include:
- BeyondID as Okta’s Americas Partner of the Year
- Hakkoda as Snowflake’s America’s Innovation Partner of the Year
- Orium as commercetools’ Enterprise Partner of the Year
- Valiantys as Atlassian’s Partner of the Year
We are privileged to work with some of the best services leaders in technology, and extremely proud of the results they’ve achieved during what was a tough economic year for many. The performance of our portfolio shines a light on the significant market opportunity for IT services companies – a market poised for greater growth with the rise of AI.
Tercera tracks the top cloud ecosystems and AI adoption
In 2023, we also released our second annual Tercera 30 report, highlighting nine new promising ecosystems. Tercera’s investments currently service 14 of the software ecosystems covered in the Tercera 30, including:
- Atlassian
- Box
- commercetools
- Contentstack
- Databricks
- Dataiku
- Drata
- Fluent Commerce
- Microsoft Azure
- Okta
- OneStream
- Salesforce
- Snowflake
- Stripe
AI was a consistent theme across the Tercera 30, and plays a role in four of the six trends that Tercera believes will impact services firms in 2024. Read here for more on those trends.
We expect AI will provide significant tailwinds for IT professional services companies in the next few years. Those who can effectively harness it will grow faster than their peers and be seen as a partner of choice.
Tercera expands its Advisor Community
In 2023, Tercera also added four new advisors to its highly regarded Advisor community, a curated group of proven professional services specialists and executives who act as an extension of the Tercera team. Mike Epner, Asna Jadeja, Rich Lyons, and Reem Seghairoun bring a wealth of knowledge, decades of cloud and consulting experience, and relevant industry connections to help Tercera portfolio companies with their strategies and growth tactics.
