BPEA EQT divests stake in Coforge
MUMBAI, INDIA — BPEA EQT, a private equity firm, has sold its remaining 26.6% stake in Coforge, a multinational digital IT solutions and technology consulting services provider, for $924 million through a block trade.
Under BPEA EQT’s ownership, Coforge has doubled its revenue and EBITDA, surpassing $1 billion in revenue in April 2023. Coforge is in 21 countries and operates 26 delivery centers across nine countries. BPEA EQT has played a significant role in Coforge’s growth by enhancing its sales organization, re-aligning its go-to-market strategy, recruiting industry-leading leadership, and executing an ambitious M&A agenda.
Coforge’s growth has been driven by organic initiatives, such as focusing on its three core verticals, building digital and AI capabilities, and executing a successful M&A strategy, including acquiring SLK Global. The company is also committed to sustainability, pledging to become carbon-neutral, water-positive, and zero waste by 2030.
Hari Gopalakrishnan, Partner and Co-Head of BPEA EQT’s Investment Advisory Team in India, praised Coforge’s long and sticky client relationships and deep technical expertise, which make the company integral to the performance of multiple global market leaders in the banking, insurance, and travel sectors.
“Tech Services is a high conviction thematic for BPEA EQT and Coforge is benefitting from multiple sector tailwinds, such as AI enabling the existing apps estate, replacement of legacy systems and a continuing talent shift to Asia where countries like India have a deep STEM talent pool,” Gopalakrishnan said.
BPEA EQT is one of Asia’s largest private alternative investment firms, with a total committed capital of over $20 billion. The firm has a 23-year history and over 180 employees across offices in Hong Kong, China, India, Japan, Australia, and Singapore.
Headquartered in Noida, India, Coforge specializes in application development and maintenance, infrastructure management services, and business process outsourcing services, catering primarily to clients in the financial services, insurance, and travel sectors.
