Homegrown private equity firm ChrysCapital on Thursday said it has bought a controlling stake in software engineering and digital services platform Xoriant for an undisclosed amount.
The deal marks ChrysCapital’s second buyout from its ninth fund worth $1.4 billion, which it raised in 2022, the firm said. Last year, it had invested in IDFC AMC along with Bandhan Financial Holdings and Singapore’s sovereign fund GIC.
“At ChrysCapital, we have developed deep expertise with Digital IT Services across industry verticals,” said Akshat Babbar, director, ChrysCapital.
Given our experience in the space, we are confident of the value addition that ChrysCapital would bring to Xoriant in this journey.”
Sunnyvale, California-headquartered Xoriant provides digital product engineering, software development, and technology services to its customers. The company was started in 1990 as TekEdge by Girish Gaitonde. It has offices in the USA, Europe, and Asia.
“When Xoriant was founded as TekEdge in 1990, I did not predict the scale and reputation that the company would achieve in the next three decades” said Gaitonde, founder and chief executive, Xoriant.
ChrysCapital, founded in 1999, is a New Delhi-based investment firm that invests in technology services, financial services, pharma and consumer services. It has raised over $ 5 billion across nine funds.
The PE firm has made around 100 investments across a variety of sectors with investments such as Infogain, LiquidHub, GeBBS Healthcare, QuEST Global, Mphasis, Hexaware, HCL Technologies, Infosys and Spectramind.
Xoriant has clients ranging from startups to Fortune 100, across sectors including Banking, financial services and insurance, high tech, healthcare, pharma, industrial manufacturing, retail among others. It has a team of more than 5000 employees globally.
EY was the financial and tax advisor for ChrysCapital, while Avendus Capital acted as the exclusive financial advisor to Xoriant for this deal.
