Global private equity firm Carlyle Group has emerged as the preferred bidder for Baring Private Equity Asia’s (BPEA) Indian portfolio Hexaware Technologies in a $3 billion deal, two people with knowledge of the situation said.
If successful, Carlyle would win a competitive bidding process against peers including KKR & Co and Bain Capital, as well as French firm Teleperformance SE for the Mumbai-based IT services company.
Hong Kong-based BPEA, Hexaware and a Carlyle spokesperson declined to comment.
BPEA bought a majority stake in Hexaware in 2013 for about $420 million and took the company off the local exchanges late last year.
Hexaware provides automation, cloud and customer service technology to a wide variety of industries, including finance, education, hospitality and manufacturing.
With 37 offices in more than 30 countries, the company’s revenue grew 6.5 percent year-over-year in 2020 to $845 million in U.S. dollars, according to the annual report.
Earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 24.4 percent to Rs 1,100 crore in 2020.