The National Stock Exchange (NSE) on Monday announced its plan to sell its digital technology services business NSEIT to Bahrain’s Investcorp for Rs. 1,000 crores.
COMMERCIAL BREAK
SCROLL TO CONTINUE READING
NSEIT offers advanced digital transformation and cybersecurity services to global customers in capital markets, insurance, and banking. The deal excludes its digital examinations business, as per a statement, which said Investcorp has entered into an agreement to acquire NSEIT.
NSE MD and CEO Ashishkumar Chauhan said the deal is a “continuation of NSE’s strategy to focus on its core business areas”. Investcorp has been scaling its investments in the technology and financial services sectors in India, as per the statement.
NSEIT has clocked a compounded annual growth rate of over 50 per cent in the US over the last four years by increasing the number of clients across the financial services sector and will focus on significant expansion in the country, the release said.
“It (the deal) is a significant step in our expansion efforts in India and it underscores our commitment to investing in high-growth sectors and backing credible founders and management teams,” Gaurav Sharma, head of India investment business at Investcorp, said.
“This transaction also highlights our unique ability to bring together our global platform as we look forward to driving international business working closely with our colleagues in the US and the rest of the world,” he added.
The company’s capabilities in advanced digital and cybersecurity technologies combined with its vertical focus in financial services uniquely position it for global growth, Investcorp’s partner Varun Laul said.
NSEIT has created a niche through its deep expertise in digital transformation and cybersecurity services with a strategic focus on capital markets and financial services sector, its Managing Director and Chief Executive Anantharaman Sreenivasan said.
Avendus Capital acted as the exclusive financial advisor to the NSE and NSEIT while Ernst & Young LLP served as the financial and tax advisor to Investcorp, as per the statement.
