Private equity firm TPG said Thursday it has agreed to acquire a majority stake in India- and US-based digital business services company Altimetrik.
The PE firm said in a statement its investment, made through the TPG Asia private equity platform, will enhance Altimetrik’s brand and support its goal of reaching $1 billion in annual revenue within the next three years.
“Altimetrik’s unique value proposition, combining a proven methodology with strong engineering capabilities and talent development initiatives, aligns perfectly with our investment strategy and portfolio,” said Puneet Bhatia, co-managing partner and country head for India at TPG Capital Asia. “The company has already demonstrated a strong growth trajectory, and this investment will empower Altimetrik to expand its reach.”
TPG didn't disclose financial terms of the transaction.
Altimetrik will continue to be led by CEO Raj Sundaresan with support from a leadership team including founder and executive chairman Raj Vattikuti and Adam Caplan, who is president of digital business and artificial intelligence.
“This partnership will propel Altimetrik in the next step of our journey to develop further innovations for digital business and deliver business outcomes for new and existing customers,” said Sundaresan.
TPG said the deal comes as global spending on digital technologies and AI is projected to exceed $3.4 trillion by 2026. It also said its investment will support Altimetrik’s expansion into new markets and verticals. The company will look to expand into sectors including banking, healthcare, and insurance, the PE firm said.
Altimetrik has more than 6,000 employees in offices and development centres around the world. In India, the company has offices in Bangalore, Hyderabad, Chennai, Pune and Jaipur.
Jefferies served as exclusive financial advisor to Altimetrik.
