Private equity firm Everstone Capital has made a complete exit from Excelity Global Solutions Pte Ltd after remaining invested in the payroll services provider for five years.
Everstone sold the payroll processing company, which it had bought from global human resource solutions firm Aon Hewitt in 2015, to US-based Ceridian HCM Holding Inc., as per a press statement.
“The acquisition of Excelity will position Ceridian as a leading HCM (human capital management) provider in the Asia-Pacific region and demonstrates our intent to advance our growth globally,” said David Ossip, CEO at Ceridian.
Ceridian didn’t disclose financial details of the transaction.
Founded in 1997, Excelity works with more than 300 customers across the Asia-Pacific region. It counts Forbes, Volvo, Emerson, Oracle, Palo Alto Networks, Lufthansa, Uber, and Mondelez among its clients.
The company operates its proprietary native payroll platform in India, China, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea among others through the managed services, platform as a service (PaaS) and software as a service (SaaS) models.
The alternative investment firm, which has private equity and real estate funds, was founded in 2006. Its offices are located in Singapore, Mumbai, Delhi, Bengaluru, Mauritius, New York and London. The firm has over $5 billion in assets under management.
According to people familiar with its strategy, Everstone has overhauled its exit process in recent years – including via incentives – to drive partners to seek timely exits from portfolio companies, VCCircle reported last year.
Last year, the PE firm scored one of its best exits by selling its stake in drug delivery technology company Rubicon Research. Everstone recorded a multiple on invested capital of 4.5 and an IRR of 92% in a span of three years, the PE firm said at the time. Ihad also sold a part of Pan India Food Solutions Pvt. Ltd to Haldiram Prabhuji last year.
The PE firm is gearing up to make a partial exit from Burger King India Ltd through the fast-food chain’s proposed initial public offering. It has also been looking to exit pharmaceutical distribution company Ascent Health and Wellness Solutions Pvt. Ltd and OmniActive Health Technologies Ltd.