Mphasis, Hexaware Technologies, TPG Capital-owned Altimetrik, and private equity firm ChrysCapital are among the companies that have expressed initial interest in acquiring a majority stake in Bengaluru-based technology services firm SLK Software, according to multiple sources familiar with the matter.
Last week, potential buyers submitted non-binding bids in the range of ₹4,700 crore to ₹5,600 crore ($550-650 million). However, the Amin family, the promoters of SLK Software, are reportedly seeking a valuation of $800 million, as previously reported. Investment bank Avendus is managing the sale process. According to sources, SLK Software looks forward to achieving an EBITDA of $40 million in FY25.
Founded in 2000, the Cincinnati-headquartered company specializes in artificial intelligence (AI), intelligent automation, and analytics to deliver technology solutions. It offers software-related services across manufacturing, banking, insurance, and financial services.
SLK Software operates in seven countries, with key centers in Bengaluru, Pune, Cincinnati, and Chicago and locations in France, the Netherlands, Germany, the UK, and Singapore.
In 2021, the Amin family divested a controlling stake in SLK Global Solutions, a Bengaluru-based business process management (BPM) provider, to IT firm Coforge for ₹920 crore.
A Mphasis spokesperson said, “As you are aware, the company continuously evaluates various strategic opportunities in its ordinary course of business for its growth and expansion in line with the defined M&A Strategies. At this stage, there is no material event/information which requires disclosure under Sebi Regulations, 2015.”
The acquisition of SLK Software has attracted strong interest from major industry players, including Mphasis, Hexaware, Altimetrik, and ChrysCapital. With a growing focus on AI, automation, and analytics, SLK Software presents a valuable opportunity for strategic expansion in the technology services sector. As the bidding process unfolds, industry watchers await which contender will secure the deal and at what valuation.
