Private equity firm ChrysCapital said that it had acquired Xoriant, a software engineering and digital IT services provider to Fortune 100 companies.
This is the second buyout from ChrysCapital’s ninth fund and its ninth business services buyout since inception. The financial details of the deal were not disclosed. Sources, however, told ET that the company had been acquired for $250 million.
Sunnyvale, California-based Xoriant provides services and solutions focused on digital product engineering, cloud infrastructure and operation across sectors like BFSI, high tech, healthcare, pharma, industrial manufacturing, retail, telecommunications, and automotives.
The company has over 5,000 employees across the globe.
“Everyone at Xoriant brings unparalleled product and application engineering heritage and displays core values of the company – customer first, passion for technology and innovation, respect for individual, ownership and excellence, and open and collaborative culture. I look forward to partnering with the leadership team to scale the organization to its true potential in the months and years ahead,” said Sanjay Jalona, operating partner, ChrysCapital.
Sidley Austin served as the legal counsel for ChrysCapital and EY was its financial and tax advisor. Arnold and Porter served as legal counsel for Xoriant, while Avendus Capital Inc was its exclusive financial advisor.
“I am excited to team up with Sanjay Jalona and ChrysCapital for the next phase of this journey and benefit from their vast experience in building large client relationships with successful global growth. I look forward to the opportunity to accelerate value creation for all our stakeholders,” said Girish Gaitonde, founder and CEO, Xoriant.
Source: Economic Times