Apax buys GlobalLogic for Rs 2,578 cr

New Delhi: Private equity giant Apax Partners has acquired GlobalLogic, an IT outsourcing firm founded by four IITians, for $420 million (Rs 2,578 crore).GlobalLogic, founded by Rajul Garg, Sanjay Singh, Manoj Agarwala and Tarun Upadhyay,
apax buys globallogic for rs 2 578 cr - India TV
India TV Business Desk October 09, 2013 11:25 IST
New Delhi: Private equity giant Apax Partners has acquired GlobalLogic, an IT outsourcing firm founded by four IITians, for $420 million (Rs 2,578 crore).



GlobalLogic, founded by Rajul Garg, Sanjay Singh, Manoj Agarwala and Tarun Upadhyay, competes with Symphony Technology and Persistent Systems in the outsourced product development or research and development space.

GlobalLogic is based in California, with large development centres in India, Ukraine and Argentina. It is one of the leaders in outsourced product development services.

Founded in 2001, as IndusLogic, and later renamed as GlobalLogic, the outsourcing firm reported around $250 million is sales and may have got a valuation of more than ten times its operating profit.

GlobalLogic, with 6,500 employees, will operate as an independent entity and not merged with iGate. The current CEO Shashank Samant will continue running the business.
Related Tags: GlobalLogic
 
Chunav Manch Gujarat 2017
 
 
killer smog
 

You May Like

   
 

More from business

 
 
Assembly Elections 2017