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HomeBusinessEverstone Capital, Goldman Sachs acquire IT services management firm Cprime

Everstone Capital, Goldman Sachs acquire IT services management firm Cprime

NEW DELHI: Everstone Group’s private equity arm Everstone Capital, along with Goldman Sachs Asset Management, has acquired Cprime, an information technology services management company. Financial details of the transaction weren’t disclosed.

However, a person with knowledge of the deal said that both firms paid approximately $300 million for the asset, which works out to approximately 10 times the company’s Ebitda.

The firm is led by chief executive Anne Steiner, who along with the current management will continue to operate the company, Cprime said in a statement.

“The investment by Goldman Sachs and Everstone, their continued support of our mission, and the power of a combined global network of relationships and market expertise provide a solid foundation for future growth and innovation,” said Steiner.

Cprime, founded in 2003, provides enterprise-level strategic consulting and technical solutions. It provides full-service global consulting to businesses across more than 50 industries. It counts the likes of Tesla, Carfax, Apple, Bloomberg, among others, as its clients.

“In this ever-evolving digital age, businesses are continuously searching for ways to leverage technology to drive growth and maximize value,” said Harsh Nanda, Partner and Head of Technology for Private Equity within Goldman Sachs Asset Management. “With their expertise in cloud computing, agile processes, and collaborative tools, Cprime is uniquely positioned to help companies around the world reach their peak performance.”

The two companies acquired the North Carolina-based firm from engineering services provider Alten Group, which had invested in Cprime in 2014.

“Since our investment in the business Cprime has achieved stellar growth by leveraging their capabilities in Agile and DevOps,“ said Gérald Attia, co-founder, ALTEN Group. “We are glad that the business is passing onto the safe and capable hands of funds managed by Goldman Sachs and Everstone, who have impressed us by their focus on long-term growth and operational excellence.”

In September last year, Everstone Capital had acquired a controlling stake in Softgel Healthcare for an undisclosed sum. The firm broadly invests in sectors such as pharma and healthcare, consumer, and financial services, in addition to technology services companies.

Ranjani Raghavan contributed to this piece.

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