BPEA EQT sold its remaining 26.6 percent stake in Coforge IndiaHeadquartered digital IT solutions and technology consulting service provider, through USD 924m stop trading
Ideally situated in Tech Services, one of BPEA EQT’s core sectors, Coforge has doubled its revenue and EBITDA under BPEA EQT’s ownership, surpassing 1 billion US dollars of revenue in April 2023
BPEA EQT strengthens Coforge’s organic growth by growing its sales organization and realigning its go-to-market strategy, supporting industry-leading leadership recruitment, and executing an ambitious M&A agenda helped to do.
Mumbai, India, August 24, 2023 /PRNewswire/ — EQT is pleased to announce that BPEA Private Equity Fund VII (“BPEA EQT”) has sold its remaining 26.6 percent stake in Indian National Stock Exchange listed Koforge (the “Company”). US$ 924 million stop trading.
Headquartered in Noida, IndiaKoforge is a technology service provider that provides application development and maintenance, infrastructure management services and business process outsourcing services primarily to clients in the financial services, insurance and travel sectors. The company’s proprietary platforms power critical business processes across its core verticals and it has a presence in 21 countries globally with 26 delivery centers in nine countries.
BPEA EQT and co-investors acquire 70.1 percent stake in Coforge May 2019 And under BPEA EQT’s tenure, the company has doubled its revenue and EBITDA. 1 billion US dollars of revenue in April 2023, This growth has been driven by a combination of organic initiatives, such as growing the sales organization, refocusing on three core verticals, building digital and AI capabilities, and executing a successful M&A strategy, including the acquisition of SLK Global . Koforge is a strong advocate of sustainability and has pledged to be carbon neutral, water positive and zero waste by 2030.
Hari GopalakrishnanPartner and Co-Head of BPEA EQT’s Investment Advisory Team Indiacommented, “Tech Services is a high conviction thematic for BPEA EQT and Coforge is benefiting from several sector tailwinds, such as AI enabling existing apps estates, replacement of legacy systems and continued talent transition Asia where countries like India There is a deep STEM talent pool. The company’s long and sticky customer relationships and deep technical expertise make it integral to the performance of many global market leaders in the banking, insurance and travel sectors. We are proud to have supported Koforge and its mission over the past four years. It’s a pleasure partnering with the CEO -Sudhir Singh And his entire team and we look forward to following Koforge’s next phase of growth.”
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