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GA, ChrysCapital-backed Hexaware valued at $700m

  • Susannah Birkwood
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General Atlantic (GA) and ChrysCapital have seen Hexaware Technologies, the IT services provider they put on the block several months ago, achieve a speculative valuation of $700 million.

The figure emerged after GA, ChrysCapital and Atul Nishar, founder of the publicly listed firm, started the sales process by hiring Citigroup Capital Markets and another global investment bank to come up with potential suitors for their combined 53% stake. The holdings include General Atlantic's 14.9% stake and the promoters' 28.18% share.

The Times of India reported that several private equity firms had been approached to gauge their interest, as had a number of large Japanese technology players. Bids are expected to be received from early February onwards.

Mumbai-based Hexaware generates an annual turnover of more than $250 million and is currently growing by more than 25% per year. General Atlantic invested INR3 billion ($57 million) in the company in 2006, in a deal that valued the company at INR17 billion at the time.

Founded in 1990, Hexaware is a provider of IT and BPO services for 156 active global clients within the healthcare, manufacturing, travel, transportation, hospitality and finance industries. In 2008, the company went public, having grown over the years through M&A activity.

Hexaware currently claims approximately 6,000 employees in 20 countries, and reported second-quarter profit of INR647 million in 2011, up 54% year-on-year.

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