Everstone, Goldman buy IT consulting player Cprime
India and Southeast Asia-focused private equity firm Everstone Capital has teamed up with Goldman Sachs Asset Management to acquire US-headquartered IT consulting business Cprime. The size of the transaction was not disclosed.
The seller is Alten, a French IT consulting and engineering player that bought Cprime in 2014. Cprime was founded in 2003 and has roots in Silicon Valley. It provides enterprise-level strategic consulting and technical solutions by leveraging partnerships with Atlassian, Amazon Web Services (AWS), Gitlab, and Apptio, among others.
The US-India corridor in IT services has proved an attractive hunting ground for private equity investors. Just in the past week, ChrysCapital Partners announced it had purchased Xoriant, a US-headquartered but primarily India-based software engineering and IT provider, for about USD 350m.
Everstone has a track record in this area as well. In 2020, it exited IT outsourcing player Everise to Brookfield Asset Management for around USD 450m. Part of the private equity firm’s investment thesis – which contributed to its 3x return – involved collaborating with an existing Singapore company and exploring ways to target US healthcare.
Cprime is described as a full-service global consulting firm with a focus on digital transformation, product, cloud, and technology. It serves clients in over 50 industries, utilising abilities in Agile (an approach to software development) and DevOps (which combines software development and IT operations). The mission statement is “to reimagine the future of work to achieve better outcomes.”
The new owners will look to strengthen Cprime’s position as a global leader, broaden its suite of solutions, and grow its customer base. The existing CEO, Anne Steiner, and her management team will remain in place.
"Cprime is a leader in driving digital transformation via implementing Agile and DevOps frameworks for its clients, many of whom are Fortune 500 companies,” said Avnish Mehra, a senior managing director and co-head of private equity at Everstone, in a statement.
“We look forward to working with Anne Steiner and the rest of Cprime's world-class management team in their next phase of growth, which will include significant global expansion as well as enhancing service line capabilities.”
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