DMI, a Bethesda, Maryland-based digital transformation and managed mobility services company, has received an investment from an OceanSound Partners affiliate in a transaction whose financial terms have not been disclosed.
As part of the acquisition, Jay Sunny Bajaj, founder and CEO of DMI will continue to lead the management team and will retain significant ownership interest in the company, DMI said Tuesday.
Sunny Bajaj said the strategic investment solidifies DMI’s “prime position” in the market, accelerates growth initiatives and enables the company to expand its offerings to over 200 federal government and commercial clients.
“Marrying our technology capabilities and customer relationships with the financial strength and network of OceanSound makes us even stronger and strategically positions DMI to be the leader during this period of extraordinary digital disruption,” Sunny Bajaj said.
DMI, which has been recognized as a Leader in the Gartner Magic Quadrant for Global Managed Mobility Services for six consecutive years, has more than 2,100 employees across seven countries, as well as a large global network of agile software development centers, digital design studios and mobile service centers.
OceanSound partner and co-founder, Joe Benavides said, “Sunny and the team have done a remarkable job building DMI brick by brick and were very prescient to focus on digital, mobile-first transformation solutions for government and commercial customers around the world.”
Benavides added that he looks forward to leveraging DMI’s extensive resources, next-gen software engineering capabilities and consultative approach to enhance the company’s service offerings and achieve a new phase of growth.
Baird served as financial advisor to DMI through the investment. Blackstone Credit and Goldman Sachs Asset Management Division provided transaction financing.