City’s Indium Software offloads majority stake

CHENNAI: BPEA EQT has agreed to acquire a majority stake in Indium Software, a fast-growing digital transformation company in India through its mid-market growth fund.

The transaction is expected to close in Q1 2024. Avendus Capital were the exclusive financial advisor to Indium Software. Based in Chennai, Indium is a fast-growing digital engineering provider offering technology solutions to enterprise customers and born-digital companies.

Indium, co-founded in 1999 by Ram Sukumar and Vijay Balaji, has a team of about 3,000 employees. Indium has grown at a CAGR of around 50 per cent over the last three years. Its blue-chip customer base features multiple Fortune 500 enterprises across sectors, with a focus on technology, BFSI, and healthcare verticals.

Shobhit Jain, MD and co-head, Enterprise Technology and Services, Investment Banking at Avendus Capital said, “The rising importance and increasing complexity of digital ecosystems put Indium in a unique position to take advantage of increasing demand and new opportunities. This is our fifth digital engineering services transaction in the last two years.”

Ram Sukumar, co-founder-CEO, Indium, said, “over the years, we have embraced multiple technology shifts, and today, have become a trusted partner to several enterprises accelerating on their digital and AI journeys.”