PE Fund Investments
TPG Capital buys 60% stake in IT Services company Altimetrik for $900-M
Global private equity fund TPG Capital (via TPG Capital Asia) has acquired an about 60% stake in Chennai- and Southfield, MI (USA)-based IT Services firm Altimetrik at a valuation of USD 1.5 billion (INR 12,500 crore). The target company, promoted by Indian American entrepreneur Raj Vattikuti, aims to reach USD 1 billion in annual revenue within the next three years. Jefferies LLC served as exclusive financial advisor to Altimetrik.Altimetrik, which has over 80% of its workforce based in India, spans 22 global locations. In India, Altimetrik has offices in Chennai, Pune, Bengaluru, Hyderabad, Jaipur and Gurgaon. It has a global client base across financial services, banking, payments, pharma, retail/CPG, and manufacturing sectors.
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