Everstone looks to sell Singapore IT firm Everise, pegs stake at $300 m

MUMBAI: Homegrown private equity fund Everstone Capital is all set to sell its Sinagpore-based IT services firm Everise Holdings Inc in a deal worth $300 million. The management has hired investment bank Barclays to find a buyer.

Feelers were sent to global strategic buyers as well as PE buyout funds, two people aware of the development said. Everstone holds a significant majority stake in Everise while its co-founder and CEO Sudhir Agarwal holds a minority stake through his firm Sunrise BPO.

Everstone, which manages assets in excess of $5 billion, had partnered with Sunrise BPO in 2016 to launch Everise and expanded the business through multiple buyouts. Everise has a revenue of $230 million with an EBIDTA of $30 million for FY20.