Private equity firm Everstone Capital and U.S.-based Solmark have together acquired majority stake in city-based Servion Global Solutions Ltd., a customer interaction management solutions provider, for Rs.403 core ($66 million).
The quantum of stake acquired by Everstone and Solmark was not disclosed.
The investment in Servion was through Evertech Pte Ltd., the Everstone Group’s technology investing platform.
The acquisition provided exit route to most of the existing financial investors and non-working promoters, Everstone said in a statement. However, it did not identify the existing investors.
“Everstone, a PE fund has made a secondary purchase. Some of the existing investors and a part of the original founding-team, who remained invested for a long time, were looking for an exit. Flordia Capital, Basil and associates are existing investors who are exiting,” a company official said. The existing management team would continue, the official said. There would be no change whatsoever in the firm’s strategy or culture, the official added The company had revenue of over Rs.350 crore in 2014 and footprint in over 60 countries, a release said.
Aggressive growth plans“The firm has aggressive growth plans and expects its revenue to reach over Rs.1,000 crore in the next few years. We are investing in areas that enhance our positioning and value proposition. Some of these areas are: cloud, analytics and our intelligent self-service platform ServIntuit,” the official said.
In the wake the share buying, Prateek Dhawan, Managing Director, Everstone and Puneet Pushkarna, General Partner, Solmark will be joining the board of Servion.
“Combining efforts with our long standing friends and partners at Solmark will enable us to propel the company’s growth to the next level,” Mr. Dhawan said in a statement. Avendus Capital acted as adviser to the transaction.
In 2005, Servion's promoters bought out the 37 per cent of stake of Citicorp in the company. Consequently, their shareholding increased to nearly 90 per cent. Employees and Templeton held the rest of the holdings. Later on, Servion raised funds from private equity investors.
