Mphasis, Hexaware, Chryscap join race to acquire SLK Software

Mphasis, Hexaware Technologies, TPG Capital-owned Altimetrik and private equity fund Chryscapital are among those who have shown initial interest to acquire a majority stake in the Bengaluru-based technology services firm SLK Software, multiple people aware of the development said.

The potential buyers submitted non-binding bids ranging from Rs 4,700 crore to Rs 5,600 crore ($550 to $650 million) last week, they said. The promoters of SLK Software, the Amin family, are looking for a valuation of $800 million, ET reported last month. Investment bank Avendus is running the sale process. SLK Software is projected to post an Ebitda of $40 million in FY25, said the people cited above.

Incorporated in 2000, the Cincinnati-based company is focused on artificial intelligence (AI), intelligent automation and analytics to provide technology solutions to its customers. It provides software related services in segments such as manufacturing, banking, insurance and financial services.


It has centres in seven countries including two each in India and the US-in Bengaluru, Pune, Cincinnati and Chicago-besides France, the Netherlands, Germany, the UK and Singapore.

In 2021, the Amin family had sold a controlling stake in SLK Global Solutions, a Bengaluru-based provider of business process management (BPM), to IT company Coforge for Rs 920 crore. Emails sent to SLK Software chief executive Ajay Kumar, Chryscapital, Altimetrik and Hexaware did not elicit any response till the press time Monday.

An 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."

In June last year, Indian American entrepreneur Raj Vattikuti had sold his majority stake in Altimetrik, a US-based pure-play digital business firm, to TPG Capital. TPG had acquired about 60% stake at a valuation of $1.5 billion (Rs 12,500 crore).

Altimetrik, which has over 80% workforce based in India, spans 22 global locations. In India, Altimetrik has offices in Pune, Chennai, Bengaluru, Hyderabad, Jaipur and Gurgaon.