Everstone sells majority stake in tech firm to US investor

 Everstone sells majority stake in tech firm to US investor

American investment firm Long Ridge Equity Partners has struck a deal to buy a majority stake in Acqueon, a part of Servion Group, which provides omnichannel customer engagement software, paving the way for a partial exit for Indian private equity firm Everstone.

Terms of the transaction were not disclosed.

Founded in 2007, Long Ridge Equity Partners is a private investment firm focused on the financial and business technology sectors. It manages over $1 billion of committed capital.

Everstone had invested Rs 403 crore in Servion eight years ago along with US-based private equity firm Solmark for a control deal. It later invested additional money into the company.

Acqueon, previously a subsidiary of Servion, was hived off in 2019 with Everstone separately retaining a majority stake in both Servion and Acqueon.

An Everstone spokesperson told The Capital Quest that the PE firm retains a controlling stake in Servion.

Acqueon says it has created a customer engagement platform that allows enterprises to connect with customers for outbound sales, service and revenue capture opportunities using customers’ preferred communication channels. The company’s proprietary technology platform integrates with existing contact center technology, centralizes customer data across disparate silos and enables personalized campaign creation with an automated compliance built in.

Avnish Mehra, Senior Managing Director and Co-Head, Private Equity at Everstone Capital, said, “During its tenure as an investor, Everstone executed various value-creation initiatives in Acqueon, including professionalizing and institutionalizing the business, adding deep industry experience, enabling R&D and sales investments and facilitating partnerships with new-age cloud contact center players. Overall Everstone has built a robust tech portfolio over the last few years, including investments like Everise, Pharmeasy, Apexon, Omega Healthcare, Innoveo, Servion and Acqueon.”

DC Advisory served as Acqueon’s lead financial advisor. Acqueon’s legal advisor was Lazare Potter & Giacovas. Choate Hall & Stewart served as legal advisor to Long Ridge.

Vivek Sinha

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The Capital Quest