Acquisitions in Tamil Nadu, India

NETGEAR Inc. announced the acquisition of VAAG Systems, an embedded and cloud software solutions provider based in Chennai, India. The deal supports NETGEAR’s plan to in-source software development and establish a new Chennai-based Software Development Center to accelerate AI-enabled networking solutions for small and medium enterprises.

Warburg Pincus acquired a stake in Appasamy Associates Pvt. Ltd., an Indian manufacturer of ophthalmic equipment and intraocular lenses. The investment is intended to support Appasamy’s next phase of growth in India and export markets, with the promoter family continuing to support the business alongside CEO Senthil Kumar.

BPEA EQT Mid-Market Growth Fund, part of EQT, agreed to acquire a majority stake in Indium Software from existing shareholders. Indium is a Chennai-headquartered digital engineering and tech services provider offering product engineering, data analytics, ML/AI, and digital assurance services. The transaction is expected to close in Q1 2024, with co-founder Ram Sukumar continuing as CEO.

Canyon Trail Investments B.V., an affiliate of Warburg Pincus, acquired a majority stake in Watertec India Private Limited, a polymer-based bath fittings brand. Watertec is headquartered in Coimbatore, India and manufactures a broad portfolio of bath fittings and related products sold through a nationwide distribution network.

Everstone Capital, the private equity arm of Everstone Group, acquired a controlling stake in Softgel Healthcare (SHPL), a Chennai-headquartered contract development and manufacturing organization specializing in soft gelatin capsules and probiotics. SHPL is part of the Madras Pharma Group and serves global nutraceutical, pharmaceutical, and OTC customers, with a majority of sales from exports.

WNS (Holdings) Limited acquired Vuram, an enterprise automation services provider, to expand WNS’s intelligent automation and digital transformation capabilities within its BPM offerings. Vuram, founded in 2011 and headquartered in Chennai, India, provides low-code and intelligent automation solutions across front-, middle-, and back-office functions. The consideration was $165.0 million including up-front payment and expected earn-outs, funded with cash on hand (excluding customary cash, debt, and working capital adjustments).

TA Associates completed a strategic growth investment in Zifo RnD Solutions, a provider of scientific informatics and R&D/manufacturing informatics services. Zifo supports digital transformation across drug discovery, clinical development, manufacturing quality control, and genomics for life sciences and process-industry customers, and is headquartered in Chennai, India.

Bounteous acquired Lister Digital in September 2021 and has now completed the full integration and rebrand of Lister Digital as Bounteous’ India-based global delivery arm. Lister Digital’s Chennai operations will support Bounteous’ expanded global delivery capabilities, alongside leadership transitions in India following the founder/CEO’s planned retirement.

eLearning Brothers acquired Origin Learning, a learning design and technology company headquartered in Chennai, India, to expand its learning solutions and product development capacity. The acquisition was supported by additional investment from RLG Capital and Trinity Investors, which also enabled eLearning Brothers to recapitalize its debt.

The Carlyle Group, through Carlyle Growth Investments IV (an affiliate of Carlyle Asia Growth Partners V), acquired a significant majority stake in Visionary RCM Infotech (India) Pvt. Ltd. (VRCM). VRCM, headquartered in Chennai, India, provides offshore risk adjustment, medical coding, and revenue cycle management support services to healthcare clients.