PE-backed Infogain to buy India's Blue Star IT operations
Infogain, the US-based IT consulting firm backed by ChrysCapital, has agreed to acquire the IT operations of India's Blue Star Infotech (BSIL) for INR181 million ($27 million).
Buying the Indian firm's IT division will allow Infogain to expand its offerings in the cloud, mobility and analytics sectors, and to improve its position in the product engineering and test automation fields, according to a release. Infogain will also expand its operations in the healthcare and travel fields.
BSIL, the publicly listed IT business of air conditioning and commercial refrigeration giant Blue Star, will keep its real estate business and other assets, and will merge with Blue Star after the purchase. The sale of the IT business is subject to BSIL shareholder approval, and the merger with Blue Star requires the approval of shareholders from both companies.
"Blue Star Infotech has achieved outstanding success over recent years, and I look forward to working with its high-performance leadership and team to deliver even greater value to clients. I am extremely excited to welcome them to the growing Infogain team," said Kapil Nanda, president and CEO of Infogain.
ChrysCapital committed $63 million to Infogain in August, gaining a majority stake in the company. The India-based firm was set up in 1999 and invests in a variety of industries, including IT, construction, and banking. Its recent activity includes an $8.4 million investment in South Indian Bank in March, and a $137 million exit from retail bank ING Visya in January.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.