California-based Xoriant, a software engineering and digital services company backed by Indian private equity firm ChrysCapital, said Friday it has acquired Bengaluru-based consulting firm Thoucentric.
The company, however, did not disclose the financial terms of the transaction.
The transaction comes eight months after ChrysCapital bought a controlling stake in Xoriant. VCCircle subsequently reported that ChrysCapital aimed to boost Xoriant’s revenue to $800 million in the next five to seven years at an annual growth rate of over 20%.
The Xoriant deal marked the PE firm’s second buyout from its ninth fund worth $1.4 billion. Previously, in 2022 it had invested in IDFC AMC along with Bandhan Financial Holdings and Singapore sovereign fund GIC.
Xoriant said that, through the acquisition, it aims to improve its services by incorporating consulting into its portfolio. It aims to combine its proficiencies in artificial intelligence and data, cloud, security, and operational services with Thoucentric's expertise in domain knowledge and digital consulting to help clients achieve their digital transformation goals.
“Xoriant and Thoucentric share complementary business models and at a time when business problem solving is key to the success of digital programs, we hope that our new Thoucentric colleagues will create value in joint programs,” said Sukamal Banerjee, chief executive officer and managing director of Xoriant.
Xoriant has 5,000 employees and this acquisition will result in a 10% increase in its workforce.
Founded in 2015 by Archi Bagchi and Neelakshi Kotnis, Thoucentric is a consulting firm that focuses on solving business problems using digital solutions in supply chain, sales and distribution and finance domains.
“We look forward to using the synergies, scale, digital capability and geographical footprint of Xoriant. This will help improve the problem-solving journey for our clients together,” said Bagchi and Kotnis.
Xoriant provides digital product engineering, software development, and technology services to its customers. The company was started in 1990 as TekEdge by Girish Gaitonde. It has offices in the USA, Europe, and Asia.
