Apax-backed Marina Holdco acquires 23% stake in Zensar Technologies
10 October 2015
Marina Holdco (FPI) Ltd, a company backed by Funds advised by Apax Partners, has acquired a 23.2-per cent stake in RPG group IT firm Zensar Technologies for about £84 million (about Rs835 crore).
The stake was acquired from Electra Partners Mauritius, while RPG Group continues to be the promoter and the largest shareholder in the company with a 48-per cent stake, the company said in a statement.
Pune-based Zensar is a provider of technology services to marquee global clients in the manufacturing, retail and hi-tech verticals.
Zensar Technologies employs over 8,000 employees and has a presence in the US, UK, Europe, Middle East, South Africa, Singapore and Australia.
''The association with Apax is a welcome development and is expected to bring significant value to the company. Zensar is a key focus area for the RPG Group, and we aim to scale the company into a Top-10 Indian technology services business in the medium-term, through a combination of organic growth and M&A,'' said Harsh Goenka, chairman of Zensar and the RPG Group.
''With Apax's track record in the technology services space, Zensar is expected to benefit through access to a wider global customer base and best practices. Zensar looks forward to engaging with Apax with a renewed focus on core differentiated capabilities and key accounts to drive the next wave of growth and value creation,'' he added.
''Apax is the leading private equity investor in the technology services space globally and believes in the long term growth potential of the sector. Zensar is a leading business in the technology services space with differentiated capabilities in retail, manufacturing, and oracle and we look forward to working alongside the company and the RPG Group to drive transformational growth over our investment period,'' said Shashank Singh, Managing Director and Head of Apax Partners India.