Multiples Alternate Asset Management, along with its co-investors, announced that it has signed definitive documents to acquire a controlling stake in digital product engineering platform, QBurst.
This transaction, with an investment of $200 million, reportedly “marks Multiples’ largest control investment in technology services.”
Established back in 2004, QBurst has grown into a firm focused on digital solutions, offering “services in Digital Product Development, Enterprise Digitalization, Data Analytics, Cloud Services, AI & Generative AI Services, Automation, DevOps, and Digital Marketing Enablement.”
With a presence across North America, Japan, Middle East, Europe and India, the company has “over 3,000 employees and maintains an agile, customer-centric approach while fostering top engineering talent.”
Renuka Ramnath, Founder, MD & CEO of Multiples, said:
“Our partnership will drive transformational success for the company, backed by exceptional talent addition, increased investments in emerging technologies and strategic acquisitions. While Multiples holds a controlling stake, the founders – Prathapan Sethu, Binu Dasappan and Ansar Shihabudeen – will continue to have a meaningful stake, ensuring the continuity of the best practices and values that have shaped the company’s growth. Multiples is focused on technology services companies operating in high growth areas. We have also stepped up our US origination capabilities, marking a beginning of many such large-scale control transactions.”
Manish Gaur, Managing Director and Head of Enterprise Technology, Multiples, said:
“QBurst is a differentiated tech services platform with end-to-end product development capabilities and a customer-centric technical solutions approach. … This investment demonstrates Multiples’ continued focus on technology driven businesses, as evidenced in our portfolio of Companies such as AI and Data services player Quantiphi, HR Tech business PeopleStrong, customer engagement SaaS business MoEngage, and other tech-centric businesses such as Delhivery, Dream Sports, Acko, Licious and India Energy Exchange.”
Prathapan Sethu, Co-founder of QBurst, said:
“My co-founders, Binu Dasappan, Ansar Shihabudeen, and I have built QBurst with a focus on innovation and excellence. In Multiples, we have found a partner who not only shares our values but also brings the strategic prowess and ability to accelerate our aspirations.”
The transaction is subject to “receipt of statutory and regulatory approvals.”
As noted in the update, Multiples is India’s Alternate Asset Management company.
Multiples has backed over “30 enterprises to build aspirational, distinctive, and responsible businesses.”
Multiples identifies opportunities that benefit from “shifts in its chosen sectors and partners with exceptional entrepreneurs and management teams in creating transformational growth.”
Multiples focuses on core “sectors of financial services, pharma & healthcare, consumer and technology and more recently the green economy.”
Some of Multiples’ distinctive investment partnerships “include ACKO, Delhivery, Dream Sports, Encube, India Energy Exchange, Kogta Financial, Licious, Milltec, MoEngage, PVR, Quantiphi, TI Clean Mobility, Vastu Housing Finance, and Zenex.”
As mentioned in the announcement, QBurst is a product development and consulting company with “over 20 years of experience.”
Founded in 2004, QBurst has presence in “21 cities across 11 countries and employs 3000+ professionals globally.”
QBurst serves clientele across “a range of industries, offering comprehensive digital solutions.”
QBurst capabilities span a spectrum of digital solutions, “encompassing cloud enablement, data and AI development, digitization services (including mobility, CRM, and enterprise solutions), end-to-end product development leveraging microservice architecture, DevOps, and cybersecurity best practices, digital marketing strategies, and SaaS implementations.”
QBurst says that it maintains partnerships with industry participants “such as Microsoft, Amazon, Salesforce, Google, Adobe and Strapi to deliver value-added services to our global client base.”
