Apax to buy software business of 3i Infotech for Rs 1,000 crore

Mumbai: Apax Partners is all set to buy the software business of listed IT services company 3i Infotech for Rs 1000 crore, in what would be the first PE buyout of an Indian software company, said people in the know.

The software business that generates $60 million in revenues will be carved out of the main company through a business transfer agreement. The listed company will continue owning the services business that generates $100 million in revenues. The deal values the software arm higher than the current market capitalisation of the entire company at Rs 908 crore. The company’s board is meeting on Monday to finalise the transaction. An announcement is due later in the evening.

Apax and 3i Infotech were not immediately available for comment.