Acquisition extends capabilities to address rapid software development demand fueled by generative AI-coding technologies and deepens vertical expertise in Banking, Financial Services & Insurance
3Pillar Global, a leading developer of breakthrough digital products, today announced it is expanding its business through the acquisition of digital engineering firm Chenoa Information Services. Chenoa was an early entrant into the low-code and no-code development market that is estimated by Gartner to be $27B in 2023. The acquisition augments 3Pillar’s deep experience in providing cloud-native product development with Chenoa’s low-code and no-code development services while building greater scale in AI and machine learning capabilities across the combined entity. Chenoa’s expertise in Banking, Financial Services and Insurance further enhances 3Pillar’s extensive expertise in these sectors.
“Over the past several years, 3Pillar has very intentionally executed against a growth agenda that expands our capability set, industry expertise and Global Delivery Network,” said Michael Detwiler, Chief Executive Officer at 3Pillar. “The acquisition of Chenoa enables us to capitalize on the fast-growing market demand for low-code and no-code rapid software development, and we anticipate that this partnership will drive continued success and opportunity for 3Pillar, our current and future clients, and our team members worldwide.”
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Pankaj Chawla, Chief Innovation Officer at 3Pillar, said, “At a time when generative AI is allowing 3Pillar to create exceptional customer experiences, 3Pillar’s goal is to be a thought partner to all clients. Chenoa’s deep vertical expertise in BFSI allows more strategic and value-added leadership.”
Raj Devi, Co-Founder and CEO of Chenoa, expressed enthusiasm about the acquisition, stating, “Joining forces with 3Pillar extends our reach and relevance in helping clients build solutions and engage their audiences through amazing experiences. Both our valued clients and dedicated team members stand to reap immense benefits from 3Pillar’s extensive scale, end-to-end product capabilities and user experience prowess.”
“Over its history, Chenoa has consistently adopted emerging technologies to better serve our clients,” added Niku Trivedi, Co-Founder and COO of Chenoa. “As the landscape of software development continues to evolve, we are excited to leverage 3Pillar’s resources and backing to take advantage of what’s next.”
The acquisition of Chenoa will add 425 team members to 3Pillar’s growing global footprint across nine countries. With global offices and delivery centers distributed across time zones in the U.S., Latin America, Europe and APAC, 3Pillar continues to deliver high-quality digital product development services and innovation.
Avendus Capital, Inc. served as the exclusive financial advisor to Chenoa Information Services.