PE firm FidelisWorld invests in sports management firm Technology Frontiers

FidelisWorld Asset Management or FW Asset, though its sports-focused PE fund FW Sports Investment Fund LP (FSIF), has bought significant minority stake in Chennai-based sports management firm Technology Frontiers India Pvt Ltd (Techfront).

The deal amount remains undisclosed but it is learnt to be around $19.5 million including some money which went to angel investors who exited the firm.

As a part of the latest deal, Anand S Krishnan, founding partner of FW Asset and Sripat Pandey, principal (private equity) will join the board of Techfront.

This is the second round of PE funding raised by the company that will be used to grow its business globally. TechFront had previously raised $10 million from mid-market private equity firm Avigo Capital. Avigo remains invested in the company.

Earlier in January 2013, VCCircle had first reported that the firm is looking to raise $25 million in its second round of funding.

TechFront provides arena management technology consisting of digital display systems, interactive solutions and in-stadia lighting for sports events like F1, football, rugby, cricket, tennis, hockey, golf and athletics. Over 60 per cent of the company’s revenues come from overseas markets such as West Asia and Europe.

The firm has a development centre at Shenzhen in China besides one in Chennai for LED solutions.

"Techfront is the only player globally to have integrated technology solutions catering to multiple sports. We are confident that with the strategic support FSIF brings to the table, we will be able to complete more effectively in the global marketplace, said MS Muralidharan, MD of Techfront.

"Over a short period of time Techfront has built a strong clientele in the global sporting industry with its customised products and services. We strongly believe that the company is uniquely positioned to satisfy the technology demand of the sports industry," said Anand S Krishnan.

FidelisWorld, promoted by former JP Morgan executive Anand Krishnan, had last year made first close of FSIF at $100 million. The fund is targeting a corpus of $200 million.

Ernst and Young India acted as the advisor and J Sagar Associates acted as the legal advisor to FW Asset on this deal.

Lincoln International and Amarchand & Mangaldas & Suresh A Shroff & Co were the advisor and legal advisors, respectively, to Techfront.

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