BPEA EQT acquires majority stake in Indium Software

CHENNAI: Mid-sized digital engineering firm Indium Software has sold a majority stake in the company to investment firm BPEA EQT. The financial details of the deal were not disclosed. The transaction, which was undertaken from BPEA’s mid-market growth fund, is expected to close in Q1 2024.

Headquartered in Chennai, Indium offers technology solutions to enterprise customers and born-digital companies. Co-founded in 1999 by Ram Sukumar and Vijay Balaji, it is today a team of around 3,000 employees and has grown at a CAGR of around 50% in the last three years. In India, its team is spread across Chennai, Bengaluru and Hyderabad.

“We were looking for not just access to capital but also a partner with a global footprint,” Indium co-founder and CEO Ram Sukumar told TOI. “The association will help us refine our inorganic growth strategy, cement relationships with hyperscalers and sharpen our next-gen offerings across Generative AI and advanced analytics,” he added. Sukumar will continue to lead the firm as CEO.

Indium posted revenue growth of around 56% in fiscal year 2022-23 and is growing at around 30% in the current fiscal. The company has a niche expertise in gaming tech, web3 and Metaverse. Its customer base includes multiple Fortune 500 enterprises across sectors.

Hari Gopalakrishnan, partner and co-head of BPEA EQT India, said: “Indium has highly impressive digital capabilities and a strong client roster of global blue-chip enterprises. We are confident of drawing on EQT’s extensive value creation playbook in tech services and supporting the company on its strong growth momentum.”

Avendus Capital acted as the exclusive financial advisor to Indium Software and its shareholders on the transaction.