Herd on PE Street: TPG outruns everyone in race for Altimetrik
TPG Capital has emerged the lead contender for about 60% of Michigan-based digital services company Altimetrik, said people aware of the development. Altimetrik, owned by Indian American entrepreneur Raj Vattikuti, is being valued at $1.5 billion (₹12,500 crore), they said.
TPG's Asia investment platform TPG Capital Asia has signed an exclusivity agreement with the promoters, said the people cited. Jefferies is advising the promoter.
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Offering CollegeCourseWebsiteIIM LucknowChief Operations Officer ProgrammeVisitUniversity of Western AustraliaUWA Global MBAVisitIndian School of BusinessISB Leadership in AIVisitGlobal private equity funds including General Atlantic, TPG Capital, Warburg Pincus and Canadian fund OTPP were in the final race to acquire a majority stake in Altimetrik, ET was first to report on May 13. The final bids were expected by the first week of June, ET had reported.
Altimetrik, which has over 80% of its workforce based in India, spans 22 global locations.
The company has a team of over 6,500 digital practitioners.
In India, Altimetrik has offices in Pune, Chennai, Bengaluru, Hyderabad, Jaipur and Gurgaon.
Big ticket deals in sector
Altimetrik has a global client base across the financial services, banking, payments, pharma, retail and manufacturing sectors. If the deal goes ahead, this will be TPG Capital’s debut buyout in the Indian information technology-enabled services (ITeS) space.
Altimetrik didn’t respond to queries. A TPG
