Renuka Ramnath's Multiples just bet $200 mn on QBurst for a controlling stake
Subscribe to enjoy similar stories. Multiples, an alternative asset management company, has acquired a controlling stake in software development company QBurst for around $200 million, marking its largest investment in the technology services space so far.
The acquisition of QBurst marks the beginning of such large-scale transactions for Multiples, founder, managing director, and CEO Renuka Ramnath said in a statement. While it is unclear exactly how much of a stake Multiples PE has in the software company, founders Prathapan Sethu, Binu Dasappan and Ansar Shihabudeen are expected to continue to stay on.
Founded in 2004 by the trio, QBurst develops digital solutions across the spectrum, from digital marketing for companies to cloud consulting services and even data analytics, artificial intelligence and machine learning. The company currently has over 3,000 employees spread over 21 cities in 11 countries.
Also read | Gaja Capital set to become first Indian PE firm to go public with ₹500 cr IPO QBurst's aggressive focus on AI-led innovation makes it well-suited to Mulitples' creation thesis. “Companies that are able to leverage AI in their value chain and enhance experience, productivity and their competitive edge will ultimately capture a much larger share of the available profit pool," Multiples' managing director and head of enterprise technology Manish Gaur said.
In fact, the PE firm is shifting strategy to focus on the enterprise tech sector, where it plans to invest “nearly $2 billion in the space over the next five years, he added. Multiples is evaluating what it calls “high-growth opportunities" across technology services and software-as-a-service companies, particularly those that play in the India-US corridor.
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