3i Infotech has signed an agreement to sell its software products business to UK-based private equity firm Apax Partners for Rs 1,000 crore (around $136 million).
"On December 28,2020, the board of directors of the Company considered and approved the slump sale of the global software products business of the Company (including its worldwide subsidiaries) on a going concern basis to Azentio Software Private Limited (and its affiliates), subject to receipt of requisite approvals and executed inter alia a business transfer agreement between the Company and the Buyer on December 28, 2020 ("BTA")" 3i Infotech said in a BSE filing.
The transaction is expected to be complete by March 31, 2021, subject to the required approvals.
Azentio Software is wholly owned by Apax Partners, a PE firm that typically invests in the technology and telecommunications, services, healthcare and consumer sectors.
According to VCCEdge, the investment is Apax's first deal in India in nearly two years. Its previous deal was a $200 million investment in data analytics firm Fractal Analytics in January 2019.
3i Infotech software products posted revenue of Rs 442.98 crore in FY20, which is 38.81 percent of the company's consolidated revenue, the company said in the BSE filing.
