Add-on Acquisition • Information Technology

TCS Acquires ListEngage

On October 9, 2025, TCS acquired information technology company ListEngage from Broadtree Partners and Gold Ridge Asset Management

Acquisition Context
  • This is TCS’s 10th transaction in the Information Technology sector.
  • This is TCS’s 2nd transaction in the United States.
  • This is TCS’s 1st transaction in Massachusetts.

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M&A Deal Summary

Date October 9, 2025
Target ListEngage
Sector Information Technology
Buyer(s) TCS
Sellers(s) Broadtree Partners
Gold Ridge Asset Management
Deal Type Add-on Acquisition

Target Company

ListEngage

Framingham, Massachusetts, United States
ListEngage is a salesforce integrator and implementation consultant. ListEngage is based in Framingham, Massachusetts.
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Buyer Overview 1

Buyer

TCS

Mumbai, India

Category Company
Founded 1968
Sector Information Technology
Employees607,979
Revenue 2.55T INR (2025)
DESCRIPTION

TCS is a provider of IT and consulting services. TCS was founded in 1968 and is based in Mumbai, Maharashtra.


Deal Context for Buyer #
Overall 15 of 16
Sector: Information Technology 10 of 11
Type: Add-on Acquisition 12 of 13
State: Massachusetts 1 of 1
Country: United States 2 of 3
Year: 2025 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-28 BridgePoint Group

Gainesville, Georgia, United States

BridgePoint Group LLC is a U.S. management consulting firm catering to the financial services industry, and specializing in retirement services, through the purchase of select company assets. BridgePoint Group is based in Gainesville, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-12-10 Coastal Cloud

Palm Coast, Florida, United States

Coastal Cloud is a Salesforce Platinum consulting partner that provides implementations and managed services to assist clients in migrating to next-generation systems. Coastal Cloud was founded in 2012 and is based in Palm Coast, Florida.

Buy $700M

Seller Profiles 2

DESCRIPTION

Broadtree Partners is a private equity firm focused on acquiring and investing in lower middle-market, US-based companies in partnership with management. The Firm does not have any stated sector preferences and seeks businesses with $5 to $75 million of revenue and $1 to $10 million of EBITDA. Broadtree Partners was formed in 2017 and is based in Charlotte, North Carolina.


Deal Context for Seller #
Overall 7 of 7
Sector: Information Technology 1 of 1
Type: Add-on Acquisition 5 of 5
State: Massachusetts 1 of 1
Country: United States 7 of 7
Year: 2025 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-18 CTI

Rockville, Maryland, United States

CTI is a provider of Managed Print Services to federal agencies. CTI specializes in managing and servicing copiers, multi-function devices (MFD), laser printers, and fax machines. CTI was founded in 1990 and is based in Rockville, Maryland.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-12-17 CFO Project

Centennial, Colorado, United States

CFO Project is a professional mentorship and training program designed to help accountants, CPAs, bookkeepers, and other financial professionals build or expand a CFO Advisory practice offering outsourced CFO and strategic financial guidance to small and medium-sized business owners. CFO Project was founded in 2020 and is based in Centennial, Colorado.

Buy -
DESCRIPTION

Gold Ridge Asset Management is a private equity firm focused on investing in established, small businesses generating $500K to $3 million in revenue. The Firm seeks companies undergoing an ownership change where a new owner/manager is seeking outside capital to finance the acquisition or companies in need of expansion capital. Gold Ridge Asset Management was established in 2005 and is based in Johns Island, South Carolina.


Deal Context for Seller #
Overall 1 of 1
Sector: Information Technology 1 of 1
Type: Add-on Acquisition 1 of 1
State: Massachusetts 1 of 1
Country: United States 1 of 1
Year: 2025 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-02 Sayres and Associates

Washington, District of Columbia, United States

Sayres and Associates is a provider of defense mission support services to the U.S., Navy, Department of Defense, and broader National Security community. Sayres and Associates was founded in 2001 and is based in Washington DC.

Buy -