New Mountain Capital buys US-India BPO player
US private equity firm New Mountain Capital has agreed to acquire Emids, a US-headquartered business process outsourcing (BPO) provider with extensive operations in India, for an undisclosed sum.
The transaction will provide exits for US-based GPs Baird Capital and Council Capital, which invested a combined $13.3 million in the company in 2013, while Emids management and other select stakeholders will remain invested in the company. According to The Economic Times, Emids has three exiting PE backers, including Union Grove Venture Partners, which hold a combined 65% stake.
Emids specializes in BPO for the healthcare industry, including digital transformation services, custom application development and testing, data engineering, business intelligence solutions, and specialized consulting services. The company employs more than 1,800 professionals globally. Its Indian presence includes an office in Hyderabad and two locations in Bengaluru. It also maintains a base in the UK.
“Emids is a true leader in digital transformation, clinical data engineering, and data analytics to the healthcare sector,” said Matt Holt, a managing director and deputy head of PE at New Mountain, said in a statement. “This partnership is the result of our continued efforts to identify and back innovative platforms that enable healthcare stakeholders to meet the rapidly changing needs of a digital world.”
New Mountain claims more than $20 billion in assets under management. Its PE team seeks to make about five acquisitions a year in defensive growth industries, with target companies typically falling in the $100 million to $1 billion enterprise value range. Investments range from $100 million to $500 million per deal. The firm has raised about $17 billion across five PE funds since 1999.
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