HEXAWARE TECHNOLOGY
Carlyle, CVC & Hillhouse in the fray for GeBBS
Global private equity firms including Carlyle Group, Hillhouse Investment and CVC Capital Partners have been shortlisted to acquire ChrysCapital-owned GeBBS Healthcare Solutions, said people familiar with the development. The deal proposes to value the Los Angeles-based healthcare business process outsourcing firm at $800 million. The firms, shortlisted after the initial round, will submit a binding offer by mid-July, said one of the persons, who did not wish to be identified.
Hexaware to hire up to 8,000 people globally in 2024
Hexaware Technologies intends to expand its workforce globally by hiring between 6,000 and 8,000 employees in 2024 across various countries including India, the US, Canada, Mexico, Poland, and the UK. The company's hiring plans are contingent upon favorable global market conditions, as stated in a news release. Rajesh Balasubramanian, EVP and Global Head of Talent Supply Chain at Hexaware, emphasized the company's active recruitment drive to attract talented individuals worldwide.
Herd on PE Street: TPG outruns everyone in race for Altimetrik
Last month, its Asia-focused fund TPG Asia VIII secured $5.3 billion in aggregate capital commitments. That made it the firm’s largest Asia fund in 30 years of investing in the region. Since inception, TPG Asia has ploughed more than $13 billion into core sectors including consumer, healthcare, financial services and TMT/new economy and the fund has realised more than $16 billion, according to its website.
Carlyle hires 5 I-banks for $1 bn Hexaware IPO
Carlyle plans to list Hexaware, aiming to raise $1 billion at a valuation of $5.5-6 billion. The move follows Carlyle's acquisition of Hexaware in 2021 from Baring PE Asia. If successful, it would mark India's largest technology sector IPO.
Indian IT’s reliance on H-1B dropped 56% over past 8 years
Indian IT companies’ reliance on H-1B visas has fallen over the years as they have ramped up local hiring in the US. High denial rates during the Trump administration along with tightening of the immigration regime have also decreased visa usage, experts said.
General Atlantic, TPG Capital, two other PEs in race for Altimetrik
Altimetrik has offices in over 20 locations, six of them in India, with more than 80% of its workforce based in the country. The company has a team of over 6,000 digital practitioners. It has a global client base engaged in the BFSI, fintech, automotive, manufacturing, retail, pharmaceutical and life science sectors. They include Citi, Morgan Stanley, Novartis, Sony, Schindler and Samsung. In India, the company has offices in Pune, Chennai, Bengaluru, Hyderabad, Jaipur and Gurgaon.
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Midcaps up M&A game with winds of tech spends revival
Indian IT sector witnesses a surge in acquisitions by firms of all sizes, driven by the need to pivot to new technologies and business models. Smaller players innovate and acquire to become key innovation partners in digital areas.
Hexaware acquires Softcrylic; boosts its data and analytics capabilities
While Hexaware didn’t disclose the financials of the deal, the acquisition would boost the mid-tier IT firm’s data and analytics capabilities, said the company in a statement. Global investment bank, Canaccord Genuity, advised Softcrylic on the transaction.
Chrys Capital looks to sell GeBBS at $1b valuation
ChrysCapital, the largest homegrown PE fund, is looking to sell GeBBS Healthcare Solutions, about six years after acquiring the Los Angelesbased healthcare business process outsourcing (BPO) company, said multiple people aware of the development. A potential deal is likely to value GeBBS at $800 million to $1 billion, the people said.
Carlyle picks JPMorgan and Kotak to help arrange Hexaware IPO: Report
The US investment firm plans to hold the IPO as early as in the fourth quarter of this year, the people said, asking not to be identified as the deliberations are private. More bankers will likely be added for the potential $1 billion offering, which may value the Indian information technology company at as much as $6 billion, they said.
Carlyle said to weigh $1 billion IPO for Indian IT firm Hexaware
At about $1 billion, it would be the biggest IPO in the country since Life Insurance Corp. of India’s in 2022, according to data compiled by Bloomberg. That company’s shares slumped initially but have mostly recovered.
India Inc looks to build pipeline of female AI talent
As artificial intelligence continues to disrupt businesses, companies like Microsoft, Hexaware Technologies, Accenture, Tech Mahindra, and Capgemini are unleashing several measures to attract more women and tackle their underrepresentation in this fast-growing field. Initiatives to build this pipeline include upskilling, mentorship programmes, gamification challenges, structured internships, as well as stronger campus engagement to build future female AI practitioners.
CVC, Warburg in race to acquire digital technology firm To The New
The deal will value To The New at $600 million, sources said. Founded by IT veterans Deepak Mittal, Narinder Kumar, Raman Mittal and Satya Sharma, To The New is a new-age digital technology services firm providing product engineering, cloud, and FinOps services to enterprises, SaaS, and consumer tech companies.
Gender pay gap widens as women go up the tech ladder
Aon’s latest estimates shared exclusively with ET showed that the unadjusted gender pay gap in the technology sector in 2023 is in the range of 28-30%, while for junior management, it is 8-10%.
Hexaware appoints Girish Pai as global head of data, AI
Pai has around 28 years of experience in IT, digital strategy, and data and analytics and most recently was part of the advisory board at Vitalize Venture Capital firm.
Hexaware announces 100-120% variable pay to all employees
Despite the prevailing economic volatility where companies have put hiring on hold, Hexaware has committed to on-board around 6,000 experienced professionals this year, it said.
We still have enough dry powder to deploy in India: Baring EQT CEO Jean Salata
Baring Private Equity Asia-EQT (BPEA-EQT) announced two headline transactions in as many months. In June, it teamed up with Chrys Capital to buy 90% of Credila, the education loan arm of HDFC Ltd, for $1.1 billion--the largest-ever private equity (PE) buyout in India in the financial services sector.
Baring EQT could deploy $4-5 b in India over 3 years: Jean Salata, Chairman, EQT Asia
We're excited about government investment in digital infrastructure and the India stack, how that's interoperable and how costs have come down. So many people have mobile phones (now), you can sense it as a change of mindset among younger people. With around 60% of people under the age of 29, the demographic dividend is real. All that is creating a lot of positive energy and momentum.
Holcim to Hexaware & Suven: When Barclays broke the Wall St dominance on Indian Deal St to top M&A sweepstakes
From vanilla debt products to complex, new structures, storied UK bank takes new issuers, co-led around $5 billion on loans for PEs in last 24 months.
Hexaware Tech revenue to grow at 12-14% next fiscal: Fitch
The agency has assigned India-based Hexaware Technologies long-term foreign- and local-currency issuer default ratings (IDR) of 'BB-' and said the Outlook is positive.
India’s used-car overdrive
Cars24 is in the final stages of closing a $300-350 million funding round at a valuation of $2 billion, underscoring the investor interest in the used-car space.
Carlyle leads race to scoop up Hexaware with $3 bn bid. A deal would be largest PE buyout in India outside infra
Private equity group Carlyle has emerged as the frontrunner to acquire Hexaware Technologies from its PE owner Baring Private Equity Asia (BPEA) with a bid of $3 billion (₹22,500 crore), said people in the know.
Suitors line up to acquire Hexaware Technologies in $2.5-billion deal
Private equity firms Bain Capital, Carlyle Group and KKR & Co., as well as French outsourcer Teleperformance SE, are in fray to acquire Hexaware Technologies for $2.5 billion from Baring PE Asia in potentially the largest IT deal in India.
Baring Asia puts Hexaware on sale for $2.5-$3 billion
The Hong Kong-based buyout fund has initiated the process by mandating investment banks Barclays and JP Morgan to find buyers at a valuation of Rs 18,500 crore – Rs 22,200 crore ($2.5-$3 billion), multiple people aware of the development said.
Hexaware appoints ex-Cognizant Rajeev Kumar Mehta as non-executive chairman
Hexaware Technologies' founder Atul Nishar will step down from his present role of chairman but will continue as the chairman emeritus.
Hexaware Technologies to offer Rs 475 per share for delisting
The bid process for the delisting offer - where the promoters were offering a floor price of Rs 264.97 per share - had started on September 9 and closed on September 16.
Neutral on Hexaware Technologies, target price Rs 390: Motilal Oswal
Hexaware Technologies Ltd., incorporated in the year 1992, is a Mid Cap company (having a market cap of Rs 13993.57 Crore) operating in IT Software sector.
Hexaware gains 3% amid reverse book building process
“We don't expect minority investors of any IT company likely to surrender shares at a significant discount to its prevailing market price given the current strong demand backdrop for IT/digital services. So Rs 420-450 is the right range for minority shareholders to tender their shares,” ET reported Suyog Kulkarni of Reliance Securities as saying.
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