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    Home»Acquisitions»French company, PE firms in race to acquire Hexaware Technologies in $2.5 billion deal
    Acquisitions

    French company, PE firms in race to acquire Hexaware Technologies in $2.5 billion deal

    July 21, 20212 Mins Read
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    In what might be the largest IT services buyout deal in the country, private equity firm Bain Capital, Carlyle and KKR are in the race to acquire Hexaware Technologies for $2.5 billion from Baring Private Equity Asia. The companies are in the fray along with the French outsourcing company Teleperformance SE, which owns Intelenet, which was also shortlisted for the potential acquisition, will do its due diligence on the target before bids are due to be submitted mid-August.

    Scaled technology sector assets are on investors’ radar owing to increasing corporate IT spending on cloud services across Europe and US.

    The Hong Kong-based Baring Asia began the sale process six months earlier after taking Hexaware Technologies private. It roped in Barclays and JP Morgan to find potential buyers. The holding company of Baring Asia, HT Global IT Solutions, owns 92% of the mid-tier IT services company. Minority shareholders hold the remaining shares.

    In the fiscal year 2020, banking and financial services were the biggest verticals for the company contributing 38% of revenue to the company with clients such as Citi Bank and Bank of America, Freddic Mac and Fanny Mae. Insurance and healthcare which made up 21% were the other largest contributors; manufacturing made up 17% while travel and transportation were badly hit in the pandemic year.

    Read more/Source: ETNOWNEWS.COM

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