Everstone buys Aon Hewitt’s Asia payroll business

Following the carve-out, the unit - which currently operates under the name Payfront Technologies - will be rebranded as ExcelityGlobal. The existing management team will remain in place, led by Gurinder Singh, who will become CEO of the newly independent company.

The business provides payroll processing and human resources management services to more than 400 clients across 17 countries. A workforce of 600 in offices in India, Singapore, China and the Philippines processes over nine million pay slips every year. Everstone will invest capital and resources in order to enhance the service offering.

"As a former division of a large global firm, Excelity has built a strong reputation in providing exceptional payroll processing solutions to several marquee Asia based corporates. Today, as an independent firm run by the same management team and using the same technology, we believe Excelity has a greater purpose, focus and future," Dhanpal Jhaveri, managing partner at Everstone, said in a statement.

The firm, which also invests in real estate, is currently raising its third private equity fund, which has a target of size of $650 million. A first close of approximately $300 million came towards the end of 2014. Everstone backs businesses with operations on the Indian sub-continent as well as those further afield that benefit from Indian domestic consumption and infrastructure development.

Last November Everstone teamed up with US investor Solmark to buy a majority stake in Servion Global Solutions, an India-based customer interaction management solutions provider that has customers worldwide.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Buyouts
• South Asia
• Southeast Asia
• Technology
• Support services
• Everstone Capital
• Southeast Asia
• Technology
• buyout
• professional services