India-focused private equity firm Everstone Group has raised its investment in Servion Global Solutions Ltd to around $74 million on the back of strong revenue growth and a jump in profitability at the Chennai-based customer experience management (CEM) firm.
Evertech Pte Ltd, a technology investing platform of Everstone Capital and investment firm Solmark Inc., owns a majority stake in Servion Global. Evertech invested about $66 million in November 2014 to acquire a controlling stake in Servion.
The latest round also saw participation from Servion’s management team and founders on the back of new customer wins and strong growth in revenue and operating profit.
“The additional investment from Everstone endorses the confidence in the Servion growth story and we are excited to utilize the new capital to further scale-up our hiring and growth in markets across the US, UK, Asia and West Asia,” Servion chief executive Sameet Gupte said.
Servion Global aims to double its revenue over the next three years from the current $75 million, and is also actively scouting for acquisitions, Gupte added.
“We will continue to back Servion through additional acquisitions,” said Prateek Dhawan, Everstone’s managing director-private equity.
“We have built tremendous momentum coming into this year with large deal wins across the globe and, given our pipeline, we believe that this momentum will continue to ramp up over the next couple of years enabling us to achieve our revenue goals,” Gupte said.
Founded in 1991, Servion specializes in customer interaction management (CIM) solutions and applications which enable customer interactions through the phone, Internet, email, chat and social media.
Servion Global manages over 10 billion customer interactions annually across 60 countries, in six continents.
Everstone Capital, co-founded by Sameer Sain and Atul Kapur, former Goldman Sachs executives, has been an active PE investor in the country. With assets under management of about $4 billion, Everstone has around 200 people working across five offices including Mumbai, Delhi, Bengaluru and Mauritius.
Source: Mint