Everstone Capital partially disconnects from SSII Acqueon

Everstone Capital, the large local private equity firm, has partially disposed of its more than eight-year-old investment in Acqueon Technologies, formerly known as Servion Global Solutions Ltd, in a secondary transaction.

The PE fund sold the majority of its stake in the company, known for its omnichannel customer engagement software, to Long Ridge Equity Partners, a US-based private equity investor. Founded in 2007, Long Ridge Equity Partners primarily focuses on companies in the financial and commercial technology sectors.

“During his tenure as an investor, Everstone executed a variety of value creation initiatives at Acqueon, including professionalizing and institutionalizing the business, adding deep industry experience, opportunity for R&D and sales investments and facilitation of partnerships with new era cloud contact center players,” said Avnish. Mehra, senior MD and co-head of private equity at Everstone Capital.

In November 2014, Everstone, together with US private equity firm Solmark LLC, had invested 403 crores at Servion. The fund returned in May 2017 to inject additional funds into the business.

“Businesses across all industries are faced with outdated customer engagement technology, making it difficult to respond to changing consumer preferences and growing compliance burdens. Acqueon offers a modern, omnichannel customer engagement platform that is compatible with existing contact center technology and helps customers orchestrate an effective and compliant customer engagement campaign,” said Andrew Cedar, director of Long Ridge.

Acqueon has more than 200 enterprise customers in financial services and banking, healthcare, retail and distribution. The company says its real-time agent counseling and coaching technology leads to increased customer conversion and revenue capture while maximizing agent productivity and contact center efficiency.

Private equity funds, both local and global, have actively sought IT and ITeS bets, especially digital product engineering services. The National Association of Software and Services Companies (NASSCOM) has established that India’s engineering R&D sector is expected to grow at a compound annual growth rate (CAGR) of 13% to reach $65 billion by 2025 , compared to $31 billion in 2019.

In the recent past, another local private equity fund, Kedaara Capital, has secured back-to-back deals in the IT services category. It had bought a majority stake in GAVS Technologies Ltd, a global IT services provider focused on AI-led managed services and digital transformation, and Great Software Laboratory Pvt Ltd (GS Lab), an engineering services company of digital products.

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