Updated April 29th, 2024 at 20:41 IST
Investcorp acquires NSE's digital tech unit for $120 Million
NSEIT, the digital tech arm of stock exchange operator, provides a range of services including cybersecurity, digital transformation, and cloud services.
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Investcorp, a Bahrain-based alternative investment firm, announced on Monday that it will acquire the digital technology services business of India's National Stock Exchange (NSE) for $120 million. This deal marks Investcorp's largest investment in India to date.
NSEIT Ltd, the digital technology arm of stock exchange operator, provides a range of services including cybersecurity, digital transformation, and cloud services across India, North America, and the Middle East.
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According to Ashishkumar Chauhan, Managing Director and CEO of NSE, this transaction aligns with NSE's strategy to concentrate on its core business areas. However, the deal excludes NSEIT's digital examination business, which focuses on online recruitment and promotion tests, as well as digital upskilling services for corporates.
Gaurav Sharma, Head of India Investment Business at Investcorp, expressed the firm's commitment to investing in high-growth sectors through this acquisition. Investcorp, with over $52 billion in assets under management globally, has previously invested in Indian companies such as luggage maker Safari Industries, financial services company InCred, and mattress maker Wakefit.
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The acquisition of NSE's digital tech unit signifies Investcorp's expansion efforts in India and reflects its confidence in the potential of the Indian market.
(With Reuters inputs)
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Published April 29th, 2024 at 20:41 IST