Baring PE Asia shortlists bidders for Indian IT firm Hexaware in $3b deal

Photo: Bloomberg

Baring Private Equity Asia (BPEA) has shortlisted bidders including Bain Capital and French company Teleperformance SE for its India portfolio firm Hexaware Technologies in a deal that could fetch nearly $3 billion, sources said.

Also in the race are private equity firms KKR & Co and Carlyle Group, said the four people with knowledge of the deal, who declined to be named as the information is confidential.

BPEA has shortlisted a handful from around 10 initial bids to proceed to the next round, which is due in about a month, said the sources. Bids made for Hexaware ranged from $2.5 billion to close to $3 billion, they said.

Hong Kong-based BPEA, Bain, KKR and Carlyle declined to comment. Hexaware and Paris-based Teleperformance, which provides business services, did not immediately respond to requests for comment.

BPEA bought a controlling stake in IT services firm Hexaware in 2013 for about $420 million and took the company private from the local stock exchanges late last year.

Mumbai-headquartered Hexaware provides automation, cloud and customer services-related technology to a wide range of industries including finance, education, hospitality and manufacturing.

With 37 offices in over 30 countries, the company’s revenue grew 6.5% year-on-year in 2020 to $845 million in U.S. dollar terms, according to its annual report.

Its earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 24.4% to 11 billion rupees in 2020.

Reuters

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.