Private equity firm Access Asset Managers has invested $10 million in Beroe Inc, a US procurement intelligence and analytics firm that has most of its staff in India.
This is the first institutional round of funding for Beroe, Access PE said in a statement.
Nilesh Mehta, managing partner at Access Asset Managers, said the investment fits into its strategy of backing service-focused companies.
Beroe, based in North Carolina, US, works with 80 of the Fortune 500 companies. The company was founded in 2006 by its CEO and president Vel Dhinagaravel and North Carolina State University professors Mitch Javidi and Robert Handfield. It has 300 employees and most of them are in its two centres – Bangalore and Chennai – in India.
Dhinagaravel was not immediately available for a comment for this article.
Access, which manages the $150 million Access India Fund, focuses on the mid-market segment.
This is the fifth fresh investment by the Access India Fund since its inception in 2010. In March this year, it agreed to acquire a controlling stake in Ahmedabad-based telecom network solutions provider Teleysia Networks Pvt Ltd for an undisclosed amount in a management buyout deal. The same month, it invested in Mumbai-based Alliance Insurance Brokers Pvt Ltd.
The PE firm has also invested in JK Shah Education Pvt Ltd and Nobel Hygiene Pvt Ltd.
MAPE Advisory Group advised on the latest transaction.
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