Everstone Capital, Solmark invest $66 million in Servion Global
The investment has been done through Evertech Pte Ltd, Everstone’s technology investing platform
- Q2 results: HDFC Bank net profit rises 20.6% to Rs 5006 crore
- Govt, board eye asset sales to turn IL&FS around in six months
- Jet Airways sets jet sale, leaseback plan in motion to raise $800 mn
- Lenders accept ArcelorMittal resolution plan for Essar Steel
- #MeToo: Publicis India sacks executive creative director Ishrath Nawaz
Mumbai: India-focused private equity firm Everstone Capital Advisors on Thursday said that it has signed an agreement with private equity fund Solmark, to acquire a controlling stake in Servion Global Solutions Ltd (Servion) for $66 million (Rs.403 crore).
The investment has been done through Evertech Pte Ltd, Everstone’s technology investing platform, the firm said in the release.
Servion specializes in customer interaction management (CIM) solutions and applications which enhance customer interactions through the phone, Internet, email, chat and social media. The company had revenue exceeding Rs.350 crore in fiscal 2014 and a customer base and global footprint of more than 60 countries.
“Servion is at an inflection point today. We aim to widen our footprint...To enable us to get there, we need to make strategic investments in several critical areas, and this partnership with Everstone and Solmark will help us address that,” said Balakrishnan K., managing director and chief executive of Servion.
Prateek Dhawan, managing director, Everstone and Puneet Pushkarna, general partner, Solmark, will join Servion’s board.
The transaction, which was advised by Avendus Capital, will provide an exit to most of the existing investors and non-working promoters, Everstone said in the release.
Editor's Picks »
- India to put former top climate change official Rajendra Pachauri on trial for sexual harassment
- Rahul Gandhi hits out at KCR, claims Telangana reeling under debt
- Deve Gowda-Siddaramaiah display rare bonhomie ahead of Karnataka by-polls
- Govt allocates Rs 144 crore to AYUSH ministry for alternative medicines
- Esperanto, A language whose time never came
- Policy rethink and higher volumes to aid container shippers
- DCB Bank delivers a strong Q2 but pressure on margins foreseen
- Havells India: Rising costs give a jolt to profitability in September quarter
- All’s well at Mindtree, except for high client concentration risk
- India’s rising steel demand is making companies starry-eyed