Funds advised by Apax Partners acquire 23.2% stake in Zensar Technologies Limited : Mumbai, India
Press Release | 9 Oct 2015
Marina Holdco (FPI) Ltd, a company backed by Funds advised by Apax Partners ("Apax Funds", and together “Apax”) today announced the acquisition of 23.2% stake in Zensar Technologies Limited (“Zensar” or the “Company”), a global provider of technology services. The stake was acquired from Electra Partners Mauritius Limited (“Electra”), an existing minority shareholder. RPG Group continues to be the promoter and the largest shareholder in the company with a 48% stake.
Zensar is a leading provider of technology services to marquee global clients in the Manufacturing, Retail and Hi-Tech verticals. Zensar has end-to-end capabilities in Oracle implementation and maintenance and is the industry leader in E-commerce solutions. The Company has a long track-record of delivering strong shareholder value creation for more than 20 years. In association with Apax, the Company expects to further focus on its key differentiated capabilities and achieve a leading position in the emerging offerings including E-commerce, Digital, Cloud and Mobility.
Harsh Goenka, Chairman of Zensar and the RPG Group said, “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. 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.”
Mr. Shashank Singh, Managing Director and Head of Apax Partners India said, “Apax Funds are delighted to be associated with the RPG Group, one of the most respected business groups in India. 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.”
Ganesh Natarajan, Vice Chairman and CEO, Zensar Technologies said “Apax’s investment in Zensar is a reflection of their confidence in the strong business fundamentals and growth potential of the Company. We believe Apax's deep understanding of the sector positions them very well to provide Zensar with significant insights.”