Jan 9: AION Capital Partners, a joint venture of Indian private equity firm ICICI Ventures and the US buyout firm Apollo Global Management, has acquired InterGlobe Enterprises Pvt. Ltd’s business process outsourcing services branch.
In a statement, the Indian PE funding company said it will back InterGlobe Technologies (IGT) in its development as the company is looking for a speedy expansion in the current as well as new segments in the travel industry. Financial details related to the acquisition were not revealed by the company.
For the past few months, the InterGlobe Enterprises which is the parent company of the low fare carrier IndiGo was in plans to sell the back end service units.
Utsav Baijal partner at AION Capital has been quoted as saying that IGT is has a great position in the market with its strong customer count and the field knowledge in the travel sector. He also added that the company is expected to continue strengthening its digital capabilities and global footprint thereby fulfilling all the demands for unique customer experience.
According to Vipul Doshi, CEO at IGT, the company will concentrate on the digital transformation within the travel ecosystem and continue investing to grow its business.
InterGlobe Enterprises launched InterGlobe Technologies in 1998. With more than 70 marquee customers throughout the world, it concentrated on the travel and hospitality industry. Digital contact center services, digital services and solutions including chatbots, robotic process automation, travel analytics, and social media services are the services provided by IGT.
In 2016 the net sales of the company were Rs 701.84 crore this decreased to Rs 695 crore for the year through March 2017. VCCEdge, the data research platform of VCCircle, said that the net profit rose from Rs 29.81 crore to Rs 38.82 crore.
AION Capital partnered with JSW Steel Ltd to acquire bankrupt Monnet Ispat & Energy Ltd in 2018. It bought a major stake in Planetcast Media Services Ltd in March 2017.