BPEA EQT sold its remaining 26.6% stake in Coforge
EQT announced that BPEA Private Equity Fund VII (BPEA EQT) has sold its remaining 26.6% stake in Coforge for US$924 million in a block trade.
In May 2019, Coforge saw a 70.1% ownership change through the partnership of BPEA, EQT, and other co-investors. The progress has been steered by a blend of natural developments, including the strengthening of the sales structure, realigning attention to the 3 primary sectors, fostering digital and AI proficiencies, and effectively implementing a strategy for mergers and acquisitions. Coforge is a technology services provider offering application development and maintenance, infrastructure management services and business process outsourcing services to clients primarily within the financial services, insurance, and travel verticals.
Under BPEA EQT's ownership, Coforge's revenue and EBITDA doubled, exceeding US$1 billion by April 2023.
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