Sunnyvale, CA – January 5, 2023 – 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.
Xoriant is a Silicon Valley headquartered digital product engineering, software development, and technology services firm with offices in the USA, Europe, and Asia. From startups to Fortune 100, we deliver innovative solutions, accelerating time to market and ensuring our client’s competitiveness in industries like BFSI, High Tech, Healthcare, Pharma, Industrial Manufacturing, Retail, Telecommunications, and Automotive.
Across all our technology focus areas – digital product engineering, DevOps, cloud, infrastructure and security, big data and analytics, data engineering, management, and governance, and IoT – every solution we develop benefits from our product engineering pedigree. It also includes successful methodologies, framework components, and accelerators for rapidly solving important client challenges. For 30 years and counting, we have taken great pride in the long-lasting, deep relationships we have with our clients. For further information about Xoriant, please visit www.xoriant.com.
Established in 1999, the ChrysCapital group manages $5 billion across nine funds and is one of the leading investment firms based out of India. With around 100 investments since 1999, ChrysCapital has valuable experience in investing across a breadth of sectors that leverage growth and the India cost advantage to build world-class companies. The firm raised its latest $1.4 billion ninth fund in 2022 and earlier announced its first investment, the buyout of IDFC AMC along with Bandhan Bank and GIC, in April 2022. The firm has realized $6.5 billion from over 75 exits in India. The ChrysCapital group’s funds are ranked in the top decile of global private equity funds of similar vintage. Within business services, investments include Infogain, LiquidHub, ResultsCX, GeBBS Healthcare, QuEST Global, Mphasis, Hexaware, LTI, HCL Technologies, Infosys, and Spectramind. For further information about ChrysCapital, please visit www.chryscapital.com.