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Hyderabad-based private equity fund iLabs Group is believed to have flipped one of its portfolio companies Cibernet to another private equity biggie Warburg Pincus. The Economic Times reports that a Warburg Pincus arm has bought Cibernet, a company that provides clearing and roaming business services for telecom companies globally, for over $200 million. It was one of the early investments for iLabs, and the private equity group is believed to have a made a multi-bagger return from the deal. iLabs was an anchor investor, along with the Cellular Telecommunications and Internet Association, in Cibernet from 2001. iLabs usually makes investments in the $10-20 million range, although it's not certain how much it has invested in Cibernet.

Cibernet offers end to end roaming solutions to telcos such as financial settlement of voice, data, and m-commerce transactions, inter-company billing protocols, and so on. The company is headquartered in Maryland, the US, with an office in Hyderabad. The company employs 220 people globally.