AION Capital, an India-focussed private equity fund established through a strategic partnership between Apollo Global Management and ICICI Venture, on Monday announced it has acquired global travel technology and digital services company InterGlobe Technologies (IGT).
Though the firm did not disclose the acquisition cost, market sources claimed the buyout has been done for about `1,600 crore. FE could not independently verify the figure.
A person associated with the firm indicated that the rationale behind the acquisition could be attributed to the strong domain expertise of IGT along with a good customer base. It is a fast-growing company in a sector where India has a competitive advantage, the person said. Vipul Doshi, CEO at IGT, said the management team is excited to partner with AION Capital. We will continue to invest in this sizeable global business with focus on digital transformation within the travel ecosystem, he said.
Utsav Baijal, partner with AION Capital, said, with a strong customer base and deep domain expertise in the travel sector, IGT is uniquely positioned. We expect IGT will continue to leverage and further strengthen its digital capabilities and global footprint to meet the growing demand for differentiated customer experience, he said.
IGT was founded in 1998 by InterGlobe Enterprises, a travel conglomerate, and is focused on the travel and hospitality industry. It claims to have more than 70 marquee customers globally and a workforce of over 10,000 travel experts, spread across 15 centres in seven countries.
The company provides digital contact centre services, domain driven technology and innovative digital services and solutions including chatbots, robotic process automation, travel analytics and social media services. AION Capital is an India-focused private equity fund with $825 million in committed capital.
Apollo is a global alternative investment manager with assets under management of approximately $270 billion as of September 30, 2018.