AION Capital acquires BPO firm InterGlobe Technologies
Photo Credit: Reuters

AION Capital Partners, a joint venture of homegrown private equity firm ICICI Venture and US-based buyout firm Apollo Global Management, has acquired the business process outsourcing services arm of InterGlobe Enterprises Pvt. Ltd.

The India-focussed PE fund said in a statement it will support InterGlobe Technologies (IGT) in its next phase of growth as the company accelerates service expansion in current and new verticals in the travel industry. It didn't disclose financial details of the deal.

InterGlobe Enterprises is the parent of budget airline IndiGo, and had been looking to sell its back-end services unit for the past few months.

“With its strong customer base and deep domain expertise in the travel sector, we believe that IGT is uniquely positioned," said Utsav Baijal, partner at AION Capital. "We expect IGT will continue to leverage and further strengthen its digital capabilities and global footprint to meet the growing demand for differentiated customer experience.”

Vipul Doshi, CEO at IGT, said the company will continue to invest to grow its business, with a focus on digital transformation within the travel ecosystem.

IGT was founded in 1998 by InterGlobe Enterprises. It is focused on the travel and hospitality industry and has more than 70 marquee customers globally. It provides digital contact centre services, digital services and solutions including chatbots, robotic process automation, travel analytics and social media services.

The company’s consolidated net sales fell to Rs 695 crore for the year through March 2017 from Rs 701.84 crore the previous year. Net profit rose to Rs 38.82 crore from Rs 29.81 crore, according to VCCEdge, the data research platform of VCCircle.

Avendus Capital was the financial adviser to InterGlobe Technologies for this transaction.

AION Capital Partners

The PE firm, which had raised $825 million in 2014, has struck several deals in the recent past.

Last year, AION Capital tied up with JSW Steel Ltd to acquire bankrupt Monnet Ispat & Energy Ltd.

In March 2017, it had acquired a majority stake in Planetcast Media Services Ltd.

In 2015, it had spent Rs 600 crore ($90 million then) to buy a stake in Varun Beverages Ltd, one of the largest bottlers of PepsiCo in India.

Recent deals in IT-BPO segment

Last month, HCL Technologies Ltd struck a deal to acquire some software products from IBM Corp for about $1.8 billion to seal the biggest acquisition by an Indian IT company.

In June last year, French company Teleperformance had agreed to acquire business process outsourcing firm Intelenet from Blackstone at an enterprise value of $1 billion (Rs 6,800 crore).

In May, Swiss investment firm Partners Group bought a 48% stake in software company GlobalLogic from Apax Partners.

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