Actis, an emerging markets private equity specialist, announced today that it has invested US$50 million (INR 235 crores) to acquire a substantial minority stake in Integreon, the leading global provider of legal support, research and business services to law firms, financial institutions and corporations. As part of this investment, JM Trivedi, Actis's Head of South Asia, and Gautham Radhakrishnan, a Director at Actis, will join Integreon's board of directors. Actis has invested alongside Ayala Corporation, the oldest and one of the leading conglomerates in the Philippines, which initially invested in Integreon in 2006 through LiveIt Investments, its business process outsourcing holding company. Ayala Corporation will continue to hold a majority stake in Integreon.
Today, professionals at leading organisations including 11 of the top 50 global brands such as Microsoft; 32 of the AmLaw 50 such as Clifford Chance and DLA Piper US LLP; and 9 of the top 10 global investment banks focus on their “highest and best use” by trusting high-quality research, document, and legal solutions from Integreon. Integreon revenues have grown at an 83 per cent CAGR since 2006 to an $89 million revenue run rate in Q4 2009.
With Actis's investment, Integreon plans to grow its range of services and technologies, launch new delivery centres, and seek strategic acquisitions.Commenting on the transaction, Paul Fletcher, Senior Partner at Actis said, “Outsourced professional services are one of Actis‟s core investment strategies and Integreon represents a best in class investment in this sector. Leading international corporations, financial institutions and law firms harness the specialist knowledge capabilities of the emerging markets, and Actis's investment in Integreon further strengthens this link. We hold the management team of Integreon in high regard and
are excited about partnering with Ayala to drive the continued growth, profitability and ambition of the business.”
JM Trivedi, Head of South Asia, said, “India has a proven track record in the knowledge based services sector; Integreon is a scaled player in this sector with a proven track record of servicing the complex requirements of its customers. We look forward to working with the Integreon team and Ayala to further build on this differentiated platform.”
Fred Ayala, CEO of LiveIt said, “We are very pleased to bring in Actis as a strong new partner whose proven business building skills and deep knowledge of emerging markets will help us to take Integreon to the next level.”
Liam Brown, CEO of Integreon added, “Actis's long-established understanding of emerging markets, along with their experience investing in business services outsourcing, makes them an ideal partner for Integreon.”
Lokendra Tomar, COO Asia Pacific of Integreon said, “This investment by Actis will help Integreon maintain its aggressive growth by making capital available for investment in the existing business as well as for new acquisitions. Actis alongside Ayala would make for a solid base of investment to steer Integreon into its next stage of growth.”
Jefferies India Private Limited acted as financial advisors to Actis. Marks Baughan & Co. served as financial advisors to Integreon.
Source: EFY Times