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Carlyle Group-backed Newgen KnowledgeWorks, a Chennai-based provider of publishing and technical services, has acquired a majority stake in Pune-based Exult Infosolutions. However, the financial terms of the acquisition were not disclosed.
Exult Infosolutions is a provider of digital learning solutions, mobility and cloud-based software applications.
This acquisition would help Newgen enter e-learning and mobility space across multiple new markets.
“We have emerged as a preferred service provider to the $2-billion publishing outsourcing industry. Together with the e-learning industry, incidentally also valued at $2 billion, these businesses offer fantastic growth opportunities to both Newgen and Exult to cross-sell products and services in each other’s markets,” said Newgen Founder and CEO Prabhakar Ram.
“We are confident of a 100 per cent growth within a few years,” he added.
Corporate Finance Associates was the advisor to Exult for the deal.
Global alternative asset manager, Carlyle Group LP, had invested $32.8 million in December 2014 to acquire a majority stake in Newgen KnowledgeWorks Pvt Ltd, which caters to the US, the UK and European markets.
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