Indium, an India-based AI-driven engineering services company backed by private equity major EQT, is acquiring a majority stake in global product engineering services firm Experion, according to an announcement.
Founded in 2006, Experion operates across North America, the UK, Europe, Australia, and Japan, serving clients in the financial services, healthcare, manufacturing, retail, automotive, and transportation sectors.
The organisation’s product engineering maestros work out of three development centers in India and eight offices across North America, Europe, Australia, and Japan.
On the other hand, Indium, co-founded in 1999 by Sukumar and Vijay Balaji, provides tech solutions to enterprise customers and digital companies.
The acquisition will expand Indium’s geographic footprint and headcount to approximately 5,000 employees, per the announcement. Financial details of the acquisition were not disclosed.
With the acquisition, Indium has set a revenue target of $150 million for the next financial year, Sukumar said.
“We are confident of unlocking multiple new opportunities with both existing and new clients,” he added.
Headquartered in Chennai, Indium claims to have grown at a CAGR of around 50% over the last year years.
Experion CEO and co-founder Binu Jacob said the acquisition will not only enhance its AI-driven engineering capabilities but also unlock synergies to scale its solutions to a broader global audience.
“We are thrilled to be part of the EQT-Indium family, and Experion stands to benefit immensely from Indium’s market presence, diverse range of offerings, and extensive experience working with global enterprises,” Jacob said.
Swedish investment house EQT acquired a majority stake in Indium in December 2023, through BPEA EQT Mid-Market Growth Fund, for an undisclosed amount.
BPEA EQT Mid-Market Growth Fund, which achieved a first close in 2022 with approximately $400 million in commitments.
In September, EQT agreed to buy a controlling stake in GeBBs Healthcare Solutions, a healthcare business process outsourcing (BPO) company, from private equity firm ChrysCapital. GeBBS, founded in 2005 by Vijay Singh, specialises in revenue cycle management, health information management (HIM), and medical billing.