Everstone, Solmark acquire India's Servion Global Solutions

The deal is expected to provide an exit for a number of existing investors - among them Sansar Capital and strategic backer Cisco. Everstone is making its investment through Evertech, the GP's technology-focused vehicle.

Set up in 1991, Chennai-headquartered Servion provides consulting, technical support and professional services, and has offices in the Middle East, Africa, Asia Pacific and Europe. The company claims to have 600 customers and over 1,000 instalations spread across 60 countries. It reported revenue of INR3.5 billion for the 2014 financial year.

"Servion's cutting edge solutions and outstanding management team offer a unique and strong investment opportunity," said Prateek Dhawan, managing director at Everstone. "Combining efforts with our long standing friends and partners at Solmark will enable us to propel the company's growth to the next level."

The company has said it will use the extra capital and support to widen its footprint and design and adopt new technologies. It also plans to make a number of strategic acquisitions. Puneet Pushkarna, general partner of Solmark, and Dhawan will join the board of Servion.

This is the first time Everstone has teamed up with Solmark for a deal, but their history goes back further. Solmark was formed from the leadership of IT services business Headstrong - acquired by Genpact for $550 million in 2011 - with whom Everstone's founders are familiar from their earlier careers as investment bankers.

The two GPs plan on targeting more opportunities in India's IT space, notably companies with have a strong IT services back-end in India but require support to build out a strong front end in the US in order to effectively serve overseas clients.

With a presence in Silicon Valley, New York, Washington D.C. and Singapore, Solmark is well-placed to help execute front end strategies in the US and set up outsourcing and back-end functions in Asia.

This is already a well established investment thesis among India GPs. In April, ChrysCaptial invested in US and India-based digital consultancy LiquidHub with a similar cross-border play in mind. In this case, ChrysCapital intends to help the US-led company strengthen its presence in India.

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• Topics
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