Multiples to pick controlling stake in Qburst for USD 200 mn, invest USD 2bn in enterprise tech

Mumbai, Feb 6 (PTI) Private equity fund Multiples on Thursday announced that it will acquire a controlling stake in Kerala-based digital product engineering company Qburst for USD 200 million along with co-investors.

Multiples Alternate Asset Management along with co-investors has signed definitive documents to acquire a controlling stake in the Trivandrum-headquartered company, an official statement said, adding that this is the largest control deal in technology services for the company.

Established in 2004, Qburst offers services in digital product development, enterprise digitalization, data analytics, cloud services, AI and generative AI services, automation, Devops, and digital marketing enablement. It employs 3,000 people in North America, Japan, Middle East and Europe apart from India.

"Our partnership will drive transformational success for the company, backed by exceptional talent addition, increased investments in emerging technologies and strategic acquisitions," Multiples' founder, managing director and chief executive Renuka Ramnath said.

The company's founders Prathapan Sethu, Binu Dasappan and Ansar Shihabudeen will continue to hold a meaningful stake, which will ensure continuity of practices and values, she said.

The PE fund is stepping up its US origination capabilities and the deal marks a beginning of many such large-scale control transactions, she added.

Multiples' managing director and head of enterprise technology Manish Gaur said enterprise tech is a priority sector and the entity intends to deploy close to USD 2 billion in it over the next five years.

"I believe our partnership with Multiples will help us achieve something extraordinary in the years ahead," Sethu said. PTI AA HVA