Private equity fund ChrysCapital announced that it had purchased Xoriant, a Fortune 100 company that offers software engineering and digital IT services.
This is the second buyout from ChrysCapital's ninth fund and the company's ninth acquisition of business services overall. The deal's financial specifics were kept confidential.
Based in Sunnyvale, California Xoriant offers services and solutions for BFSI, high tech, healthcare, pharmaceutical, industrial manufacturing, retail, telecommunications, and the automotive industries that are centred on digital product engineering, cloud infrastructure, and operation.
Around the world, the company employs more than 5,000 people.
“Everyone at Xoriant brings unparalleled product and application engineering heritage and displays core values of the company – customer first, passion for technology and innovation, respect for individual, ownership and excellence, and open and collaborative culture. I look forward to partnering with the leadership team to scale the organization to its true potential in the months and years ahead,” said Sanjay Jalona, operating partner, ChrysCapital.
ChrysCapital had EY as its financial and tax advisors, and Sidley Austin as its legal counsel. Xoriant was represented by Arnold and Porter in legal matters, and Avendus Capital Inc. served as the company's only financial advisor.
“I am excited to team up with Sanjay Jalona and ChrysCapital for the next phase of this journey and benefit from their vast experience in building large client relationships with successful global growth. I look forward to the opportunity to accelerate value creation for all our stakeholders,” said Girish Gaitonde, founder and CEO, Xoriant.
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