2X Receives Strategic Growth Equity Investment from Recognize
Posted Mar 31, 2023 08:04 (GMT +7)
Investment Enables B2B Marketing-as-a-Service Category Pioneer to Expand Capabilities that Transform Revenue Operating Models for Clients
NEW YORK--(BUSINESS WIRE)--Mar. 29, 2023
2X, a pioneer of the marketing-as-a-service (MaaS) solution for the business-to-business (“B2B”) sector, announced today that Recognize, a technology investment platform, made a significant strategic investment to continue catalyzing growth in the company. This is the first institutional investment in 2X and accelerates its roadmap of evolving marketing for leading organizations in the B2B space.
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B2B marketing is at an inflection point. Recent transformation in the space has been driven predominantly by software tools and technology platforms. Despite a US market size of over $850 billion in 2022, the marketing services sector has seen limited disruption. With Recognize’s support, 2X is redefining the B2B marketing services landscape.
“Our partnership with Recognize allows 2X to level up our capabilities and build things our clients need and want,” said Domenic Colasante, CEO and co-founder of 2X. “Working with Recognize will elevate our infrastructure to better service our clients with on-shore account management, expanded time-zone coverage, global delivery centers, and consulting services. The investment expands our capabilities around technology implementation and management and will increase our value to both enterprise-sized and PE-portfolio clients.”
Recognize was founded in 2020 by a visionary trio including former Oracle President and Infor CEO, Charles Phillips, co-founder and former CEO of Cognizant Technology Solutions, Frank D’Souza, and private equity veteran David Wasserman. Recognize’s core mission is to find the next generation of technology services companies and help them unlock tremendous growth potential.
“2X is the kind of company we were looking for when we created Recognize,” said Mike Grady, partner of Recognize. “We see hundreds of service companies every year and found a truly differentiated business in 2X. 2X’s innovative MaaS model packages the new-age revenue marketer with global delivery economics to allow increased impact at a fraction of current costs.”
B2B marketing is critical to driving business growth in today’s market conditions. Yet the B2B industry has suffered severely from a technology skills shortage. 2X has embraced the future of work to thrive in today’s “do-more-with-less” environment. These transformative capabilities have fueled 2X’s organic growth and 95% CAGR since its 2017 founding.
“The 2X team has cracked the code in high quality, offshore B2B marketing and is solving revenue growth problems for clients when they need it most,” said Recognize co-founder and managing partner, Charles Phillips. “2X has grown impressively since launching and has displayed multiple horizons of exciting growth potential. Our partnership with Domenic and his team will help cement 2X as the preeminent leader of this emerging market.”
2X’s leadership team, including CEO Domenic Colasante, will remain in place.
Multinational law firm Morgan, Lewis & Bockius LLP and global investment bank Canaccord Genuity advised 2X on the transaction.
2X was founded in 2017 by three former B2B CMOs who pioneered marketing as a service (MaaS), a new operating model designed to bring scale to revenue and marketing leaders. The MaaS model covers a full range of offerings, including marketing operations, MarTech management, demand creation programs, digital marketing, account-based marketing (ABM), analytics, and creative services.
The client roster includes enterprise and large organizations that need execution support, as well as private equity portfolio companies that require both growth and efficiency in their marketing.
2X is a certified partner of many of the leading RevTech platforms, including 6sense, Salesforce, Adobe Marketo Engage, Drift, HubSpot, Bombora, and Google, among others.
The company is ranked in the top 20% of the Inc. 5000 list of fastest-growing companies in the U.S., and in the top 100 of Financial Times’ list of The Americas’ Fastest Growing Companies.
More information can be found at www.2X.marketing.
About Recognize Partners LLP
Recognize is a technology investment platform exclusively focused on the technology services industry. The firm provides operational expertise, industry insights, and strategic capital to innovative companies in this sector. Recognize is led by industry veterans Frank D’Souza, Raj Mehta, Charles Phillips, and David Wasserman. To learn more, visit www.recognize.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230329005413/en/
Jennifer Wang, 2X
Jack Berney, Recognize
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