India Digest: US hedge fund to buy Amtek Auto; BrowserStack snaps up Percy

Auto parts maker Amtek Auto counts most of India’s top auto component makers as clients. Photo: Bloomberg

Deccan Value Investors, a US-headquartered hedge fund, has received the court approval to acquire auto component maker Amtek Auto that ran into bankruptcy around three years ago. In a separate development, San Francisco- and Mumbai-headquartered web and mobile application testing platform BrowserStack has acquired Percy, a five-year-old visual testing and review platform in the US.

US hedge fund gets court nod to acquire Amtek Auto

Deccan Value Investors, a US-headquartered hedge fund, has received the approval of the Chandigarh bench of the National Company Law Tribunal (NCLT) to acquire auto component maker Amtek Auto that ran into bankruptcy around three years ago.

The deal size is estimated to be around Rs 2,700 crore (around $359 million), per media reports.

NCLT is a quasi-judicial body in India that takes care of proceedings on arbitration, compromise, arrangements, reconstructions pertaining to companies.

Amtek Auto, headquartered in Delhi, was one of the 12 corporate defaulters to be identified by the Central Bank for insolvency proceedings in 2017.

The company currently owes its financial creditors over Rs 12,700 crore, per a report by VC Circle.

Accel-backed app testing platform BrowserStack snaps up US firm 

San Francisco- and Mumbai-headquartered web and mobile application testing platform BrowserStack has acquired Percy, a five-year-old visual testing and review platform based in the US, according to a report by VC Circle.

Financial details of the transaction could not be ascertained.

The acquisition will help BrowserStack add both manual and automated visual tests on its stack, the report added.

Established in 2011, BrowserStack claims to have over 25,000 customers. It counts Microsoft, Barclays, Twitter and Expedia among its clients.

The company made headlines in January 2018 when it garnered as much as $50 million in a Series A round from venture capitalist Accel.

The transaction signals a growing consolidation in the software-as-a-service (SAAS) space.

Last week, Freshworks, a California and Chennai-based customer engagement software maker, announced its acquisition of India-based IT orchestration and cloud management platform Flint.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.