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.