Baring buys enterprise tech player Straive from Partners Group

The size of the transaction was not disclosed. Partners Group acquired a majority stake in the company from CVC Capital Partners and Philippine Long Distance Telephone Company (PLDT) in 2017 for $300 million. Since then, Straive has completed a transition from a business process outsourcing (BPO) outfit into a content platform with competencies in research, education, and data solutions.

This was achieved through three bolt-on acquisitions, the development of proprietary technology and software products, and a deepening of customer relationships, according to a statement. The bolt-ons include India-based education technology specialist LearningMate, which was absorbed last year, facilitating a partial exit for US private equity firm Helix Investments.

Now headquartered in Singapore, Straive has more than 17,000 employees in 15 locations across the Philippines, Singapore, India, China, Vietnam, the US, the UK, and Nicaragua.

The sale to Baring means that Straive has been a private equity-backed asset for much of its life. Established in 1980, the company received funding from MBO Partners and Electra Partners Asia in the late 1990s and T.H. Lee Putnam Ventures bought it outright in 2004.

CVC came into the picture in 2013, acquiring approximately 80% at a valuation of more than $300 million, in what remains one of the largest-ever buyouts in the Philippines. PLDT retained a minority interest, which it sold to Partners Group.

"When we invested in Straive in 2017, we aligned upfront with management and the board on a transformation plan. We took Straive's strengths in process automation and content operations and applied them to broader end markets with higher growth, playing into the themes of e-learning and big data,” said Cyrus Driver, a managing director for private equity technology at Partners Group.

Baring has made a string of investments in the IT services space. Virtusa, Hexaware Technologies, NIIT Technologies, CitiusTech, and AGS Health are currently part of the portfolio. The firm has Philippines exposure through Telus International, which is more of a classic BPO player. Telus raised $1.06 billion through a US IPO last year, with Baring and other investors realizing proceeds of $538.8 million.

Baring came back to market earlier this year with its eighth pan-regional fund, seeking $8.5 billion.

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• Topics
• Southeast Asia
• Technology
• Support services
• Trade sale
• Philippines
• Partners Group
• Baring Private Equity Asia