Bain Capital has acquired a majority stake in US-based digital technology consulting and solutions firm Brillio, in a control transaction that was led by the private equity firm’s India team.
Brillio will use the capital to build its capabilities in the areas of design, experience, product engineering, artificial intelligence, machine learning, blockchain, natural language processing, cloud and analytics, it said in a statement.
The deal is at least the second instance within six months of an Indian team of a global PE firm acquiring an overseas business. In August last year, Blackstone’s India team had acquired US-headquartered business processing outsourcing firm TaskUs.
Brillio was created in 2013 as a spin-off from the former Collabera IT Solutions business unit. Brillio chief executive Raj Mamodia had joined Collabera in 2012 as its CEO. The company provides software products and technology consulting services to customers in the technology, financial, retail and energy sectors.
Explaining the rationale for Brillio’s deal with Bain Capital, Mamodia said the transaction is “pivotal” in order to realise its goal of achieving revenue of $500 million.
Bain Capital has globally invested in other similar digital and technology companies including Bellsystem24, Waystar, Viewpoint, Blue Coat, BMC Software, Genpact, QuEST Global Services, SunGard Data Systems and VXI, the firm said.
“With its focus on new-age technologies, partnerships with high-growth cloud ecosystems and a high-quality delivery engine, we believe Brillio is well-positioned to capitalize on digital disruption and look forward to partnering to help the company scale through complementary acquisitions and organic growth,” said Samonnoi Banerjee, a managing director at Bain Capital Private Equity.
This is Bain Capital’s first private equity investment in India in more than a year. The firm has been more active in the credit segment and the stressed assets space where its affiliate has partnered with Piramal Group to set up the India Resurgence Fund.
Bain Capital’s last PE-style investment in India was in November 2017 when it led a $1.8 billion investment in Axis Bank.
