EQT Acquisition of Majority Stake in Indium Software Signifies New Phase of Growth

MUMBAI, India, Dec. 22, 2023 -- Leading global investment firm, EQT, is delighted to announce its forthcoming majority stake acquisition in Indium Software from the company's existing shareholders. The tech enterprise's Co-Founder, Ram Sukumar, is staying on board to continue commanding operations as CEO.

With its headquarters located in Chennai, Indium Software has earned renown as an advancing digital engineering firm, providing innovative tech solutions to enterprise clienteles and digital-first companies. Established in 1999 by founders Ram Sukumar and Vijay Balaji, the company has since surged in size, now employing close to 3,000 professionals. The company's growth rate has been impressive, boasting an approximate CAGR of 50% over the past three years.

Leading the charge in Indium Software's next growth chapter, BPEA EQT Mid-Market Growth draws on EQT's vast international experience in Tech Services, which includes approximately USD 11 bn investments in Asia's tech sector, top-notch digitalization prowess, along with a network of global industry experts.

Hari Gopalakrishnan, Partner and Co-Head of BPEA EQT India, has expressed positive sentiments about the strategic partnership, emphasizing the company's sophisticated digital capabilities and an illustrious client list of global Fortune 500 enterprises, as well as faith in EQT's proven value creation playbook in Tech Services, supporting the company's solid growth stride.

Emphasizing a culture of client centricity, trust, and high performance, Ram Sukumar, the Co-founder and CEO of Indium Software echoed the enthusiasm for partnering with EQT, pointing out the multiple technology shifts the company has overcome over the years to become a reliable associate for several businesses fast-tracking their digital transformation and AI journeys.

The transaction is projected to finalize in Q1 2024. Advisors to BPEA EQT Mid-Market Growth on the deal include JSA, Deloitte, and PwC, while Avendus Capital played the role of exclusive financial advisor and SAM & Co. offered legal counsel to Indium and its shareholders.