Apax Partners has acquired US- and India-based, VC-backed outsourced product development firm GlobalLogic for $420 million (Rs 2,578 crore). Founded in 2001 as IndusLogic, GlobalLogic, founded by Rajul Garg, Sanjay Singh, Manoj Agarwala and Tarun Upadhyay, has development centres in India, Ukraine and Argentina.
It reported around $250 million is sales. The valuation is reportedly more than ten times its operating profit. The firm had appointed JP Morgan to find a buyer after shelving IPO plans. GlobalLogic, with 6,500 employees, will operate as an independent entity and its current CEO Shashank Samant will continue to head the business. Two years ago, Apax backed iGate Corp to buyout Patni Computer for $1.2 billion.
From the Venture Intelligence PE Deal database: In February 2008, NEA, Sequoia Capital India and New Atlantic Ventures had invested $29.50 million in GlobalLogic. In April 2010, Goldman Sachs had invested additional capital in the company.
Source: Times of India
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