Baring Private Equity Partners India Ltd (Baring PE India) has exited its eight-year-old investment in Pondicherry-headquartered digital content services provider Integra Software Services by selling its entire stake to a group of investors led by promoters Sriram Subramanya and Anuradha Sriram.
Following the deal, Integra Software’s promoters – Sriram Subramanya and Anuradha Sriram – and their associates hold entire 100 per cent stake in the company, it is learnt.
Financial terms of the deal, however, could not be ascertained immediately. Baring PE India had picked a 60 per cent equity stake in Integra Software in 2006.
Separate email queries sent to Integra Software and Baring PE India seeking further details on the development did not elicit any response till the time of filing this article.
Veda Corporate Advisors was the exclusive advisor to Integra. Veda had also advised Integra when Baring had acquired a controlling stake.
Founded by Sriram Subramanya in 2000, Integra is a digital content services company providing content solutions and interactive learning media services to publishers and educational institutions while also providing workplace learning and development solutions for enterprises.
Clients of Integra Software include El-sevier, Springer, Cambridge University Press and Palgrave Macmillan.
Earlier in 2010, Integra Software had acquired US-based Silver Editions, a design studio and publishing services company in the PreK-12 segment, for $4 million. It had also acquired Elm Street Publishing Services for $2 million in 2008.
Baring PE India has over $5 billion of assets under management. Its portfolio companies include Mphasis BFL Software Ltd, Muthoot Finance Ltd, Manappuram Finance Ltd, Secova, Vardhman Holdings Ltd and TD Power Systems Ltd.
Last year, it had picked 14 per cent stake in French cement manufacturer Lafarge SA for €200 million.
(Edited by Joby Puthuparampil Johnson)