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Baring Private Equity is on an exit spree. After its reported talks with EDS to sell stake in MphasiS, it has exited another company. SoftBank Asia Infrastructure Fund (SAIF) has acquired Baring's stake in Cybernet Software Solutions (CSS) and the group company SlashSupport for a little over $21 million, says a report in The Economic Times (e-paper link here) Baring, which will now exit these two companies, is believed to have made three times it money from the deal. Chennai's Spark Capital Advisors facilitated the deal.

Promoted in the US, with headquarters in San Jose, CSS is a business and technology solutions provider, specialising in services to enterprises and independent software vendors. CSS and its three group companies — Slash Support, ReadyTestGo and Synaptris — have large operations in India. The group’s turnover in the current year is pegged around $40 million.

Baring Private Equity held a minority stake in CSS. And it held almost 40 per cent in Slash Support, in which CSS also held a stake. “Consequent to the latest development, Softbank will hold about 30 per cent equity stake in Slash Support.” Slash Support is a technology BPO that provides support services to technology companies. (Via The Economic Times)

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