Avendus Capital Advises Indium Software, a FastGrowing Digital Engineering Company, on Its Majority Stake Acquisition by BPEA EQT

BPEA EQT, has agreed to acquire a majority stake in Indium Software (the “Company”), a fast-growing digital engineering company in India through its Mid-Market Growth Fund (“BPEA EQT Mid-Market Growth”). The transaction is expected to close in Q1 2024.

Avendus Capital acted as the exclusive financial advisor to Indium Software and its shareholders on the transaction.

Deal Value

Undisclosed

Service

Private Equity

Sector

Enterprise Technology & Services

Date

December 2023

We are excited to partner with CEO Ram Sukumar and Indium’s stellar management team, as the company enters its next phase of evolution. Indium has highly impressive digital capabilities and a strong client roster of global blue-chip enterprises. We are confident of drawing on EQT’s extensive value creation playbook in Tech Services, and supporting the company on its strong growth momentum.

Hari Gopalakrishnan

Partner in the EQT Private Capital Asia advisory team and Head of EQT Private Capital India

Indium has been built on a culture of client centricity, trust and high-performance. Over the years, we have embraced multiple technology shifts, and today, have become a trusted partner to several enterprises accelerating on their digital and AI journeys. We are truly excited about welcoming EQT as our partner, and we hope to leverage their global footprint to scale our business.

Ram Sukumar

Co-founder and CEO of Indium

About Indium

Headquartered in Chennai, Indium is a fast-growing digital engineering provider offering cutting-edge technology solutions to enterprise customers and born-digital companies. Indium was co-founded in 1999 by Ram Sukumar and Vijay Balaji, and today boasts of a team of about 3,000 employees. Indium has grown at a CAGR of around 50 percent over the last three years. Its blue-chip customer base features multiple Fortune 500 enterprises across various sectors, with a focus on Technology, BFSI and Healthcare verticals.

Drawing on its extensive track record in Tech Services, EQT will support Indium’s management team in strengthening its go-to-market strategy while continuing to build on next-gen offerings across Generative AI and Advanced Analytics. The Company’s Co-founder, Ram Sukumar, will continue to lead the firm as CEO.

BPEA EQT Mid-Market Growth will support Indium in its next phase of growth, drawing on EQT’s global experience in Tech Services with about USD 11 bn invested in the sector in Asia, in-house digitalization capabilities, and global network of industry experts.