Mumbai; January 5, 2022 – Xoriant, a premier Software Engineering and Digital IT services provider with Fortune 100 customers worldwide, today announced its acquisition by ChrysCapital. This marks a brand-new phase of growth for Xoriant with its rich culture of innovation, global presence, and more than 30 years of passion, purpose, and progress. ChrysCapital is a leading private equity firm with a successful track record of investing in Business Services (IT/Engineering/Business Process), Financial Services, Pharma and Consumer focused companies. This is the second buyout from ChrysCapital’s ninth fund and its ninth Business Services buyout since inception.
Headquartered in Sunnyvale, California, Xoriant provides services and solutions focused on Digital Product Engineering, Cloud Infrastructure & Operations, Security, Data Engineering/Management & Analytics. It also provides Enterprise Services including Applications Development & Maintenance to customers spanning the BFSI, High Tech, Healthcare, Pharma, Industrial Manufacturing, Retail, Telecommunications, and Automotive Sectors. A majority of Xoriant’s customers are global enterprises that are leaders within their respective verticals.
With a 5000+ global delivery workforce, Xoriant employs best practice methodologies, accelerators, and technologies supported by world-class IP to deliver impressive customer NPS, as evidenced through long-standing client relationships. The Company has also been recognized for its workforce practices with listings in awards such as ‘India’s Top Best Tech Companies to Work For’, ‘India’s Best Workplaces in IT & IT-BPM’.
Girish Gaitonde, Founder & CEO, Xoriant, stated: “When Xoriant was founded as TekEdge in 1990, I did not predict the scale and reputation that the company would achieve in the next three decades. My sincere appreciation to our 5000+ employees and associates across the globe who are our true X-Factor, as well as our customers who have repeatedly shown their trust in us. I am excited to team up with Sanjay Jalona and ChrysCapital for the next phase of this journey and benefit from their vast experience in building large client relationships with successful global growth. I look forward to the opportunity to accelerate value creation for all our stakeholders.”
Akshat Babbar, Director, ChrysCapital, said, “At ChrysCapital, we have developed deep expertise with Digital IT Services across industry verticals. Given our experience in the space, we are confident of the value addition that ChrysCapital would bring to Xoriant in this journey. We are committed to building further on the company’s attractive client set, long-standing relationships, domain and service-line expertise as well as Digital IT offerings.”
Sanjay Jalona, Operating Partner, ChrysCapital, mentioned, “My interactions with Girish and Xoriant team during the last several months have made me realize how special the company is. Everyone at Xoriant brings unparalleled product and application engineering heritage and displays core values of the company – customer first, passion for technology and innovation, respect for individual, ownership and excellence, and open and collaborative culture. I look forward to partnering with the leadership team to scale the organization to its true potential in the months and years ahead.”
For the purpose of this transaction, Sidley Austin served as the legal counsel for ChrysCapital and EY as the financial and tax advisor. Arnold and Porter served as legal counsel for Xoriant. Avendus Capital Inc. was the exclusive financial advisor to Xoriant.