Udit AgarwalSamara Capital which is a Private Equity Firms is now in talks to acquire the doubled mid-market IT service firm 3i Infotech, at an enterprise value of $140-150 million, according to the report which has been revealed.
The deal has been triggered by the lenders of the 3i Infotech, which has also been undergoing a debt scheme since the year 2016 after it defaulted the foreign currency convertible bonds.
“Samara is in discussions with them, but a deal has not been finalized as it is a complex transaction,” said one of the sources mentioned above.
Sama Capital has been actively buying the companies like the Logistics service provider Spoton, and Aditya Birla Group-owned retail chain More.
Samara Capital has been actively buying out companies like the Aditya Birla group-owned retail chain More and logistics services provider Spoton.
3i Infotech which counts, Standard Chartered Bank, SBI Mutual Fund and Bayer Corp Science as its customers, has more than 5000 employees and more than 1200 customers. The company provides with the IP based tool solutions and IT services with a strong presence in the BFSI areas like the retail, manufacturing, healthcare and telecom segments.
The company revenue dropped to 4.2% to Rs 1010 crore in the financial year 2018, as compared to the previous year.
3i Infotech Services has also rebranded itself to Altiray to provide with a new portfolio of service offerings in IoT, RPA, Machine Learning, Blockchain, AR/VR, cybersecurity and Telematics.
Picture Credits: 3i Infotech