Private equity firm Access Asset Managers has agreed to acquire a controlling stake in Ahmedabad-based telecom network solutions provider Teleysia Networks Pvt Ltd for an undisclosed amount, as per a press statement.
Access, which focuses on small and medium enterprises, acquired the stake through its Access India Fund in a management buyout transaction along with other unnamed co-investors. Existing CEO Chirag Jani will continue to lead the business.
“Although our past investments involved minority stakes, we backed first-generation, professionally qualified entrepreneurs in growth-stage businesses. This has resulted in our working actively with entrepreneurs on their growth plans and we hope to use some of our network and experience for this transaction,” said Sangeeta Modi, managing partner at Access.
Sangeeta had floated Access along with Nilesh Mehta. The PE fund chases growth investments in the range of $5-15 million targeting consumer goods and services and the life sciences segments.
Founded in 2008, Teleysia Network offers services such as network planning, optimisation and managed services to telecom operators and original equipment manufacturers. It counts OEM players such as Nokia, Ericsson, Samsung, Huawei and ZTE as well as operators such as Vodafone, Airtel, Idea, and Reliance as its clients.
During a network rollout, telecom operators award the rollout to OEM players, who in turn outsource the network planning and optimisation to companies like Teleysia.
“We hope to leverage the institutional platform and network of inventors to strengthen our operations and to grow our business,” Teleysia CEO Jani said. “We are confident of acquiring significant market share over the next 3 years and we have plans to expand, both nationally a well internationally, during this period,” he added.
Mumbai-based boutique investment bank Proficio acted as the advisor to the sellers.
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