Private equity firm Apax Partners has acquired digital and software services provider Infogain. Based in Silicon Valley, Infogain will be switching its private equity ownership from ChrysCapital, which had bought a controlling stake in the company in 2015.
ChrysCapital is one of India’s largest and most successful investment advisory firms, having raised nearly $4 billion. InfoGain is a digital platform and software engineering enterprise with over 5,000 employees. Apax Partners is a global private equity advisory firm with aggregate commitments of more than $60 billion.
"We welcome our new relationship with Apax to support Infogain’s growth strategy," said Ayan Mukerji, Infogain’s incoming chief executive officer and former chief operating officer.
While the deal is expected to close in the third quarter of 2021, the details regarding the transaction haven’t been shared by the companies. The Economic Times reported, that the deal may have been worth between $500 to $600 million. ChrysCapital had bought the stake in Infogain for $63 million in 2015.
"We are grateful for the opportunity we had to build a fast-growing cutting edge digital platform services organization. Infogain was ChrysCapital’s pioneering initiative in the US that got bolstered with multiple strategic acquisitions. I wish Apax all the best in their future with Infogain,” said Akshat Babbar, Vice President at ChrysCapital.
The new ownership will allow Infogain to continue to acquire strategic businesses in order to expand its services and geographical service areas.
After ChrysCapital’s investment, Infogain had expanded by acquiring other business entities. Since 2015, Infogain bought BlueStar Infotech’s IT services business, Silicus Technologies, Revel Consulting and Absolute Data and Analytics.
"Digital engineering and technological excellence continue to be key competitive advantages across industries, and Infogain, with its platform strategy and highly talented team, is exceptionally well placed to help drive innovation and support its customers in developing differentiated human-centered solutions. Infogain has built an impressive platform with global delivery, strong product capabilities, and a loyal customer base,” Shashank Singh, partner at Apax, said.
(Edited by : Jomy Jos Pullokaran)