Singapore-based private equity firm Everstone Capital has acquired a majority stake in the software-as-a-service (SaaS) company Wingify, according to a statement from the firm. The deal is reportedly worth $300 million.
Paras Chopra founded Wingify, with its headquarters in Delhi. The company primarily focuses on exports, selling most software solutions to clients in developed markets like the US and Europe.
Chopra will retain his position as a shareholder and continue to serve on the company’s board. Additionally, other senior leaders at Wingify will maintain a significant equity stake in the business.
“Wingify is among a select set of highly profitable software companies emerging from India that have carved a leading position globally. It is our second significant investment in the marketing technology in the past 18 months,” said Everstone managing director Sandeep Singh.
Everstone has been scouting for deals in the SaaS sector. Avnish Mehra, Everstone’s vice chairman for private equity, said, “We have deployed $1.3 billion in technology companies and delivered a 30% internal rate of return in our tech portfolio.”
Everstone Capital, with $8 billion in assets under management, has acquired technology consulting firm Cprime and technology services company Apexon in the past three years, collaborating with Goldman Sachs Asset Management on both investments. Investors valued these deals at around $300 million. Recently, the firm sold its stake in Omega Healthcare, another joint investment with Goldman Sachs Asset Management, to the Ontario Teachers’ Pension Plan for $800 million.