Sumit Aneja '14 Partners with Voxco in Growth Capital Transaction

June 11, 2019

Sumit Aneja

Sumit Aneja, a Yale SOM search fund entrepreneur, has completed a transaction to recapitalize and provide growth equity capital to Voxco  – a multipoint technology solution for survey services. Voxco is a global market leader in the multi-modal survey software sector. The company’s integrated platform offers multiple ways to collect survey data from virtually any mode (web, offline, mobile, phone, and IVR).

Voxco is one of the few survey software providers that offers SaaS and on-premise survey solution. Many customers need on-premise hosting options for security reasons, giving Voxco a unique competitive advantage. Voxco serves some of the largest social and market research clients in 30+ countries.

Aneja formed a search fund, Pivoton Capital, in 2018 as a vehicle to specifically target, invest in, and help grow a single business.  Pivoton was a funded search where Aneja raised capital from approximately a dozen investors.  Visit here for a case study on Aneja’s fundraise and investor selection process.

Aneja was well prepared to search for a business.  Aneja has extensive M&A and financing advisory deal experience in the middle market, most recently as an investment banker with Houlihan Lokey covering the Business Services sector. Prior to Houlihan Lokey, Sumit spent two and a half years at Bank of America Merrill Lynch advising Financial Institutions and Technology Media & Telecom clients. He performed sell-side and buy-side M&A advisory, debt and equity financings, strategic alternative assessments, and valuations. Before attending Yale School of Management, he spent four years with the IMF doing macro-financial research focusing on euro zone, US and U.K. He worked with Tata Consultancy Services (TCS) as a Systems Engineer, upon finishing his undergraduate studies in electrical engineering.

After the Voxco transaction closed, Aneja immediately became the CEO of the company.  Voxco enjoys a majority of contractual recurring revenues, robust EBITDA margins, and has been growing at a healthy pace.  Additionally, Voxco has low customer churn and a prestigious customer list.  The company employs people across North America, Europe and Asia.

Aneja articulated, “Voxco has built a great team of professionals that has driven much of the company’s success over the years. I am thrilled to be a part of this world-class organization and lead and operate the business. I have spent many years being a service provider to middle market companies and have enjoyed the front row seat to the game – but now I will be in the game.  I plan to grow by leveraging the great products and services Voxco already provides through increased sales to new customers and deeper penetration into current customers.” Voxco’s founder, Raymond Cyr, will join the board of advisors and will guide Sumit through the transition.

When asked about his decision to leave investment banking and begin an entrepreneurial journey, Sumit offered, “This feels like the culmination of so many professional and academic experiences in my life. I have truly enjoyed each chapter of my life – especially Yale.  Yale helped me get some fundamental frameworks and concepts in my toolkit.  I applied many of those learnings in banking as a service provider, and now I am ready to take the next step – running and leading as a CEO.  Being a search fund entrepreneur is a wonderful opportunity. I have had support and guidance from people at Yale, investors, Voxco board members, and other search entrepreneurs – it’s a real community.  This is a great risk-reward proposition as compared to doing a startup – which I tried my hand at while at Yale.  I am super excited and ready to lead!”

About the author

A. J. Wasserstein

Eugene F. Williams, Jr. Lecturer in the Practice of Management