MUMBAI, India, Aug. 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 Coforge (the "Company"), listed on the Indian National Stock Exchange, through a USD 924 million block trade.
Headquartered in Noida, India, Coforge is a technology services provider offering application development and maintenance, infrastructure management services and business process outsourcing services to clients primarily within the financial services, insurance, and travel verticals. The Company's proprietary platforms power critical business processes across its core verticals and it has presence in 21 countries globally with 26 delivery centers across nine countries.
BPEA EQT and co-investors acquired a 70.1 percent stake in Coforge in May 2019 and under BPEA EQT's tenure, the Company has doubled its revenue and EBITDA, crossing USD 1 billion of revenue in April 2023. The growth has been driven by a combination of organic initiatives such as enhancing the sales organization, re-aligning focus on the three core verticals, building digital & AI capabilities, and executing a successful M&A strategy, including the acquisition of SLK Global. Coforge is a strong proponent of sustainability having pledged to be Carbon Neutral, Water Positive and Zero Waste by 2030.
Hari Gopalakrishnan, Partner and Co-Head of BPEA EQT's Investment Advisory Team in India, commented, "Tech Services is a high conviction thematic for BPEA EQT and Coforge is benefitting from multiple sector tailwinds, such as AI enabling the existing apps estate, replacement of legacy systems and a continuing talent shift to Asia where countries like India have a deep STEM talent pool. The Company's long and sticky client relationships and deep technical expertise make it integral to the performance of multiple global market leaders in the banking, insurance and travel sectors. We are proud to have supported Coforge and its mission over the past four years. It has been a pleasure partnering with CEO Sudhir Singh and his entire team and we look forward to following the next phase of Coforge's growth."
Contact
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