Avtex Solutions Exits NEP Portfolio to Join Global Customer Experience Leader TTEC

• During NEP's three-year investment, Avtex experienced tremendous growth headlined by revenue expansion of more than 170%, EBITDA growth of over 320% and employee count growth of nearly 150%
• Five successful add-on acquisitions completed since 2018; bolstered award-winning strategic partnerships with Microsoft and Genesys, the customer experience industry's preeminent technology vendors

Norwest Equity Partners ("NEP"), a leading middle market investment firm founded in 1961, has completed the sale of its portfolio company, Avtex Solutions (or the "Company"), a leading end-to-end Customer Experience (CX) solution provider and technology company, to TTEC Holdings TTEC, one of the largest global technology and services innovators for end-to-end, digital CX solutions. The transaction, initially announced in March 2021, closed on April 8, 2021

"NEP was a great and supportive investment partner that worked with us to build Avtex into a bigger, stronger company. From the very beginning, NEP understood and shared our vision for growth and focus on clients. The combination of NEP's capital, strategic insight and extensive resources helped guide us to the place where we can take it to the next level with TTEC. NEP will always be an important relationship to Avtex," stated George Demou, Avtex CEO.

NEP's 2018 investment was a significant milestone for Avtex as the Company sought capital and additional resources to expand its service offerings and accelerate inorganic growth. During its tenure with NEP, Avtex completed nearly 3x more premise-to-cloud contact center migrations than any other Genesys partner and was recently named the 2020 Global Partner of the Year. Avtex also built a strategic consulting practice to integrate CX design into the delivery process, serving as a highly effective funnel to exponentially grow solutions and services engagements.

The Company supplemented organic growth initiatives with accelerated M&A investment, closing five acquisitions under NEP ownership: Aria Solutions (October 2020); CPI Solutions (May 2020); NuSoft Solutions (May 2019); Automated Voice & Data Solutions (March 2019); and Adapt Technology Services (August 2018). These strategic transactions helped assemble a high-value portfolio of IP assets, grow the customer base, and expand the world-class technical talent at Avtex.

Todd Solow, NEP Partner, shared, "The Avtex employee and client culture is nothing short of impressive, and it has been very rewarding to work with George and his team. We know we accomplished what we set out to do, helping build Avtex into the leading CX solutions provider for the middle market. The entire NEP team is excited for all Avtex's accomplishments and know that TTEC is a great next partner for them. Together, they will provide an end-to-end CX platform that will address every aspect of the market."

Guggenheim Partners advised Avtex on the sale transaction; Winston & Strawn served as lead legal advisor; PWC provided transaction advisory services; and RSM advised on tax and audit matters. Avtex is headquartered in Bloomington, Minnesota and employs more than 550 people. More information can be found at avtex.com.

With offices in Minneapolis and West Palm Beach, NEP has been investing in growing, profitable, and scalable middle market companies for more than 60 years. Visit nep.com to learn more.

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