Private equity firm ChrysCapital said it has acquired a 75% stake in ProHance Analytics, a Bengaluru-based business-to-business software-as-a-service (B2B SaaS) platform offering workforce analytics and operations enablement.
The deal is estimated at more than $50 million (about Rs 416.85 crore), people familiar with the matter told ET
ChrysCapital and ProHance Analytics declined to comment.
The investment marks ChrysCapital’s entry into the SaaS sector, said a statement from the company. ProHance Analytics is a workplace analytics and operations management platform that provides insights to enterprise and small and midsize business customers.
“Ever since we’ve done buyouts in the technology services space, we now feel we have a well-established playbook on the services side and now want additional growth factors for ourselves… We started focusing on Indian SaaS because we felt there could be a more compelling opportunity here,” Akshat Babbar, managing director, ChrysCapital, told ET.
Babbar said there were only a handful of companies that had the requisites for ChrysCapital since it can’t follow the venture model of placing bets across a large portfolio in the same sector. “We found ProHance and we think that in the coming years we will be in a better position to capitalise on this opportunity,” he said.
The ProHance Analytics application comprises a worktime module, asset optimisation module and an analytics module. The company, founded by Kishore Reddy and Rajesh Sharma in 2009, has about 320,000 users in 170 enterprises across 24 countries and has clients based in India and the United States.
ProHance Analytics has witnessed more than 50% growth from 2019 to 2023, said the ChrysCapital statement. Following the acquisition, it aims to build on its success and plans to strategically expand into important markets such as the Philippines, Australia and South America.
The founders and existing senior leadership of ProHance Analytics will continue to be part of the acquired unit. “We are excited to partner with ChrysCapital as it will empower us to accelerate our global expansion efforts and align seamlessly with our vision of becoming a market leader,” said ProHance Analytics CEO Ankur Dhingra.
“Platforms like ProHance play a pivotal role in a hybrid workplace, seamlessly connecting and empowering teams to collaborate efficiently regardless of physical location. I have personally seen the benefits of ProHance having been one of their largest clients at prior organisations,” said Sanjay Jalona, operating partner, ChrysCapital Advisors.
Founded in 1999, the ChrysCapital group manages $5 billion across nine funds. Its other investments in the technology sector include Mphasis, HCL Technologies, Cyient and Infosys.
Source: Economic Times