Private equity (PE) firm Apax Partners bought 23.2 per cent stake in infotech firm Zensar Technologies for Rs 860 crores by buying out existing investor Electra Partners.
Harsh Goenka led, RPG Group will continue to be a majority shareholder, with 48 per cent stake.
The transaction was done by Marina Holdico, on behalf of Apax, from Electra Partners Mauritius. Electra had invested $9 million in 1997 in the group.
Zensar is a leading provider of technology services to marquee global clients in the manufacturing, retail and financial services verticals. It offers end-toend capabilities in Oracle implementation and maintenance.
The company has been aggressive in expanding its network for some time. Last year, the firm had bought a US-based Oracle platinum company Professional Access. The firm said it will continue to do so in the future.
According to reports, Harsh Goenka said, “The association with Apax is a welcome development and is expected to bring significant value to the company. With Apax’s track record in the technology services space, Zensar is expected to benefit through access to a wider global customer base and best practices. Zensar looks forward to engaging with Apax with a renewed focus on core differentiated capabilities and key accounts to drive the next wave of growth and value creation.”
With over 8000 employees, and 400 plus clients, Zensar is among major Indian IT players and is placed at number 13 ranked by industry body National Association for Software Companies (Nasscom).
Apax has so far invested $2 billion in the global infotech-BPO space and Zensar is its sixth investment.
It has operations in the US, Europe, Africa, Middle East, Singapore and Australia with delivery centers in Pune, Hyderabad and Bangalore (India), China,UK, and US .
(With inputs from Agencies)