Avendus advises inMorphis, a leading global ServiceNow pure-play partner, on its strategic co-investment from Capital Square Partners and ServiceNow Ecosystem Ventures

Overview

This strategic infusion of funds will accelerate the expansion of inMorphis’ go-to-market capabilities and enhance its proficiency in generative AI-enabled technology, with a deep focus on the India and ASEAN market, while expanding its reach in other global markets. It will empower inMorphis to drive hyper growth in target markets through organic initiatives, such as investing in domain and industry experts, sales, marketing, and the development of next-gen accelerators and offerings, tailored to specific business use cases. On the other hand, tuck-in acquisitions will play a pivotal role in the growth strategy, enabling expansion of inMorphis’ capabilities, reach, and scale to achieve long term goals of building a workforce of 2500+ with a maniacal focus on customer success, and expanding wallet share.

Avendus acted as the exclusive financial advisor to inMorphis on this transaction.

Deal Value

Undisclosed

Service

Private Equity

Sector

Enterprise Technology & Services

Date

May 2024

We have had a long-standing relationship and mutually beneficial partnership with ServiceNow over the last seven years,. As a pure-play partner, we have been at the forefront of advancing the adoption of ServiceNow and have successfully implemented industry defining solutions in several sectors. ServiceNow’s platform and expertise will accelerate our growth journey and help us expand our delivery and sales footprint throughout India and beyond, organically and organically.

Himanshu Singhal

Chief Executive Officer and Founder of inMorphis

ServiceNow Ecosystem Ventures will continue to invest in promising regional services partners who have deep domain and industry expertise to develop market relevant offerings and solutions enabled by ServiceNow’s AI platform for business transformation. inMorphis is an exemplary partner who has a track record of delivering measurable business outcomes for our customers. This investment will help inMorphis accelerate development of critical GenAI enabled offerings and solutions to targeted buyer personas and industry segments in India and ASEAN.

David Parsons

Senior Vice President, Ecosystem Ventures, ServiceNow

We’re excited to embark on this journey to build a market‑leading ServiceNow services business. On the back of the inMorphis founding team’s strong experience in the ServiceNow space, inMorphis has built robust moats helping them to penetrate enterprise customers globally. We believe that this strategic investment provides the necessary impetus to scale inMorphis’ operations globally faster.

Rajeev Srivastava

Managing Partner, Capital Square Partners

inMorphis with its niche talent base, robust processes, and strong management team, stands out as the leading partner in the ServiceNow space. We are confident that this partnership with ServiceNow and CSP’s rich experience will unlock new opportunities for inMorphis. The overall Cloud services market is seeing a strong financial and strategic investor interest, and this investment is a clear testament that the momentum in the sector will continue. This is Avendus’ seventh transaction in the Cloud and Analytics space in the last two years, further strengthening our position in the market.

Shobhit Jain

Managing Director & Head, Enterprise Technology & Services Investment Banking, Avendus Capital

About inMorphis

inMorphis, a leading pure-play ServiceNow partner, crossed a significant milestone in its journey in the form of a strategic growth equity investment led by Capital Square Partners (CSP), a renowned private equity firm specializing in cross-border technology and business services with co-investment by ServiceNow Ecosystem Ventures. This marks inMorphis' first institutional investment, signifying the beginning of a new phase in the company’s growth trajectory.