Multiples PE seals deal for controlling stake in IT services firm QBurst

Renuka Ramnath, Founder, MD & CEO of Multiples, said, "QBurst, with its remarkable journey powered by cutting-edge engineering, has carved a distinctive position in the global market. Our partnership will drive transformational success for the company, backed by exceptional talent addition, increased investments in emerging technologies and strategic acquisitions. While Multiples holds a controlling stake, the founders - Prathapan Sethu, Binu Dasappan and Ansar Shihabudeen - will continue to have a meaningful stake, ensuring the continuity of the best practices and values that have shaped the company's growth. Multiples is focused on technology services companies operating in high growth areas. We have also stepped up our US origination capabilities, marking a beginning of many such large-scale control transactions."

Prathapan Sethu, Co-founder of QBurst, said, “My co-founders, Binu Dasappan, Ansar Shihabudeen, and I have built QBurst with a focus on innovation and excellence. In Multiples, we have found a partner who not only shares our values but also brings the strategic prowess and ability to accelerate our aspirations. While we are proud of transforming QBurst from a startup into a global digital engineering force over the past two decades, I believe our partnership with Multiples will help us achieve something extraordinary in the years ahead.”

The transaction is subject to receipt of statutory and regulatory approvals. BDA Partners acted as the exclusive financial advisor, Shardul Amarchand Mangaldas & Co. as the legal advisor and EY as the tax advisor to QBurst and its founders on the transaction. Anagram Partners acted as the legal advisor, and EY as the financial and tax advisor to Multiples.