Affirma Capital, a private equity firm spun out of Standard Chartered Private Equity earlier this year, has invested in Prodapt Solutions Pvt Ltd, a specialised IT services company serving global digital services providers including telcos, cablecos, etc.
Prodapt is Affirma Capital's fourth investment in India in the past 12 months. Its previous investments include, Tirupati Medicare for about $50 million, Northern Arc Capital for about $130 million with IIFL and Travel Boutique Online for about $50 million.
Udai Dhawan, Co-Founder and Head of India at Affirma Capital, said,
“The global telco and digital media industry is changing rapidly and offers a significant growth opportunity, and Prodapt is uniquely positioned to help its clients manage this transition and growth. We look forward to working with Prodapt and use our global franchise to help them grow, both organically and inorganically.”
Affirma Capital, which has $3.6 billion under assets under management (AUM) and over $700 million for new investments, is actively seeking investment opportunities in Asia, Africa, and the Middle East region.
Prodapt enables the digital transformation of its clients by designing and developing digital portals, mobile applications, and end-user-based products for linear TV and OTT applications. It provides end-to-end IT/software architecture consulting, application development, systems integration, testing, maintenance and support.
Founded in 1999, the company focuses on the digital service provider ecosystem and delivers products and services leveraging next-gen technologies such as RPA (robotic process automation), AI/ML (artificial intelligence/machine learning), SDN-NFV (software-defined networking/network function virtualization) and next-gen OSS/BSS systems.
Chennai-based Prodapt employs close to 2,000 people across North America, Europe, and India.
Abhi Dhall, Executive Director at Affirma Capital, said,
“Prodapt’s niche focus and differentiated capabilities, is a great fit for our Technology/IT sector thesis. What impressed us about Prodapt was the consistent endorsement by Prodapt’s global clients of its domain knowledge, flexibility and a partner mindset. We are very excited to back the founders and the Prodapt family in their upcoming phase of growth.”
Mumbai-based Avendus Capital was an exclusive advisor to Prodapt on this transaction.
(Edited by Suman Singh)