ChrysCapital, True North and others Acquires $150 mn in QuEST Global
QuEST Global, a global product engineering and lifecycle services firm has announced that leading global investors - ChrysCapital, True North Managers LLP, and other institutional investors have financed about $150 million for a minority stake in the organization.
The investors have concluded the purchase of a portion of the shares held by the co-founders and management team of QuEST. The existing investors namely Bain Capital, Advent, and GIC, continue to remain invested. O3 Capital served as the sole financial advisor to the transaction.
Sudip Nandy, senior advisor Enhancin, ChrysCapital, says, “QuEST is one of the leading players in the engineering services space and has consistently outperformed its peers and demonstrated the ability to scale accounts in a fragmented industry, by becoming the core engineering partner to most of the top global firms across its target industry verticals. We are excited to back Ajit and the executive team at QuEST and look forward to working with them on the journey ahead.”
The product engineering space has witnessed a lot of merger and acquisition activity lately as the Covid-19 pandemic has ignited the pace of digital transformation. In recent times, GlobalLogic has been procured by Hitachi. Two years back Capgemini had acquired Altran Technologies in one of the biggest deals that the space had seen for $4 billion.
Ajit Prabhu, chairman & CEO, QuEST Global, states, “The investment by three of the most respected global investors, despite the ongoing pandemic crisis, is a testament to our ability to build and grow our business to become the most trusted thinking partner to customers. It also crystallises the value we have created for our shareholders and employees who have placed their belief in us and partnered with us in this journey.”
It is also been noted that QuEST has been helping sort some of the toughest problems they face by developing new products, opening new market opportunities, and maximising efficiency. The firm also provides an opportunity to its employees to learn and grow without boundaries, develop expertise, collectively accomplish aspirations and experience a rewarding journey.
Prasad Thrikutam, partner, True North says, “QuEST is one of the top five players in the pure-play ER&D space and has built unique and deep expertise in an industry that is undergoing unprecedented digital disruption. As a leader in the engineering services space, QuEST has been offering strategic services to its customers rather than just a scale or merely cost differential. We were very impressed by the depth of engineering expertise and the diverse industries and emerging technologies in which QuEST is helping customers. We believe the ER&D space will continue to see significant growth and innovation in the years ahead, and we look forward to working with QuEST’s management team to capture these opportunities.”
