Everest Engineering Services Top 50 Includes the Largest Third-Party Providers Based on their Engineering Services Revenues and Year-On-Year Growth
SCOTTSDALE, Ariz., November 16, 2023 – Encora, a global next-gen product engineering provider, today announced its recognition in the Everest Group Engineering Services Top 50 list, where it ranks first with the highest year-on-year growth rate at 47%. This annual global list, produced by the Everest Group, outlines the largest third-party providers, based on their engineering services (ES) revenues and year-on-year growth. Encora has continued an industry-leading growth rate on the Engineering Services Top 50 list for the past two years, ranking second in growth rate in 2022 and now first in 2023.
“Encora continues to experience massive growth across our worldwide facilities in terms of customer and talent growth and we are well within the ranks of the top service providers due to our size and the quality of the technology solutions we provide our customers,” said Anand Birje, CEO of Encora. “We have maintained this industry-leading growth rate through several key acquisitions, as well as by creating a global culture that attracts the very best talent in each of the regions we serve.”
Encora’s industry-leading growth rate can be attributed to a few key strategies. The company has capitalized on the growing need for high-quality digital engineering services, allowing the company to expand into every major time zone with nearshore delivery centers and innovation labs across the U.S., Europe, Mexico, Brazil, and other Latin American countries. Encora also announced three major acquisitions over the past two years with the acquisition of Daitan, Excellarate, and Softelligence, further expanding the company’s footprint in Brazil, India, and Europe. The acquisitions and aggressive talent acquisition strategies have allowed Encora to grow from around 4,000 employees to more than 9,000 over five years.
“Encora features in Everest Group’s Engineering Services Top 50, succeeding its CY 2022 revenue and witnessing year-on-year growth. The report contains the 50 largest engineering service providers and is a valuable tool for both enterprises seeking an overview of the provider landscape and for engineering services providers looking to compare themselves against peers," said Akshat Vaid, Partner at Everest Group.
According to the Everest Group, the global third-party ES industry is valued at more than US$40 billion. Enterprises have traditionally kept the design-to-development process in-house, but the need for scalability and rapid innovation has compelled them to consider third-party providers. As a result, ES providers have grown through more and larger deals, expanding the industry breadth, solution breadth, and global footprint.
To learn more about the Everest Group Engineering Services Top 50, please visit the link here.
Headquartered in Scottsdale, Arizona and backed by renowned private equity firms Advent International and Warburg Pincus, Encora is the preferred innovation partner to some of the world’s leading technology companies. It provides award-winning digital engineering services including cloud services, DevSecOps, digital experience, cybersecurity, data modernization & engineering, quality engineering, generative AI, and product engineering & development. Encora has deep cluster vertical capabilities in HiTech, Healthcare & Life Sciences, Retail & CPG, Energy & Utilities, Banking Financial & Insurance, Travel Transportation & Logistics, Telecom & Media, Automotive, and other specialized industries. With over 9,000 associates in 47+ offices and innovation labs across the U.S., Europe, Canada, Latin America, India, Australia, and Asia Pacific, Encora’s global talent pool, industry vertical expertise, and proprietary agile engineering capabilities enable clients to deliver superior business outcomes through accelerated innovation cycles. For more information, please visit www.encora.com.