QAI India buys out US parent
Quality Assurance Institute (QAI) India, an operational excellence company enabling companies in the IT and ITeS sectors to deliver high performances, has bought out its US-based parent, QAI Worldwide.
By Ashish Agashe, ET Bureau |
MUMBAI: In a transaction representative of the aspirations of emerging Indian companies, Quality Assurance Institute (QAI) India, an operational excellence company enabling companies in the IT and ITeS sectors to deliver high performances, has bought out its US-based parent, QAI Worldwide.
The 100% acquistion gives the Indian subsidiary established in 1994 an access to the large US market and also the rights over large intellectual property which rests with the parent company founded in 1980 by William Perry.
The US-based parent was a minority stakeholder in the Indian subsidiary, which registered a turnover of around Rs 70 crore last year, when it was established while the other stake holders were some venture capital firms, employees, board of advisors and the CEO Navyug Mohont.
Three private equity players ��� 2 iCapital, Prudential ICICI and Canada-based Chefecor Fund ��� have invested in QAI India since 1994 and the acquisition transaction, pegged at ���under $15 mn��� by sources, was facilitated courtesy Swiss fund BTS Investment Advisors��� recent infusion in the company.
When ET contacted him, Mr Mohont confirmed the acquisition but refused to divulge any details.
Perry and his wife held a majority stake in the parent company which was acquired recently, people close to the transaction said, adding that the entire process which lasted several months has been done ���absolutely amicably���. Mr Mohont is understood to have travelled to the USA last month and taken employees at QAI, US into confidence for making the transition smoother.
QAI, which has operations in seven countries, works with IT and ITeS companies both at the organisational as well as individual level.
The 100% acquistion gives the Indian subsidiary established in 1994 an access to the large US market and also the rights over large intellectual property which rests with the parent company founded in 1980 by William Perry.
The US-based parent was a minority stakeholder in the Indian subsidiary, which registered a turnover of around Rs 70 crore last year, when it was established while the other stake holders were some venture capital firms, employees, board of advisors and the CEO Navyug Mohont.
Three private equity players ��� 2 iCapital, Prudential ICICI and Canada-based Chefecor Fund ��� have invested in QAI India since 1994 and the acquisition transaction, pegged at ���under $15 mn��� by sources, was facilitated courtesy Swiss fund BTS Investment Advisors��� recent infusion in the company.
When ET contacted him, Mr Mohont confirmed the acquisition but refused to divulge any details.
Perry and his wife held a majority stake in the parent company which was acquired recently, people close to the transaction said, adding that the entire process which lasted several months has been done ���absolutely amicably���. Mr Mohont is understood to have travelled to the USA last month and taken employees at QAI, US into confidence for making the transition smoother.
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QAI, which has operations in seven countries, works with IT and ITeS companies both at the organisational as well as individual level.
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