Swiss private equity firm Partners Group has agreed to sell Singapore-based content and data solutions provider Straive, formerly known as SPi Global, to Baring Private Equity Asia (BPEA), according to a statement.
Financial details were not disclosed, but an earlier Bloomberg report said the deal was around $1 billion.
Partners Group had acquired a majority stake in Straive in 2017 from companies controlled by CVC Capital Partners Asia III and PLDT Global Investments Corp, an indirect subsidiary of Philippine-listed telecommunications company PLDT, for $330 million.
JP Morgan acted as exclusive financial advisor to Partners Group on the transaction. Latham & Watkins and EY also advised the Swiss PE firm.
Partners Group was first reported to be considering an exit from Straive in April this year.
Established in 1980, Straive provides technology-driven platforms and services for the creation, enrichment, and dissemination of e-learning content, research content, and specialised data solutions.
During the Partners Group’s investment period, Straive made three strategic bolt-on acquisitions, including global B2B edtech services enterprise LearningMate, and India’s edtech company e-Knowledge Center and Scientific Publishing Services.
Other major initiatives have included the development of proprietary technology and software products, as well as the deepening of strategic customer relationships, Partners Group said.
“When we invested in Straive in 2017, we aligned upfront with management and the board on a transformation plan. We took Straive’s strengths in process automation and content operations and applied them to broader end markets with higher growth, playing into the themes of e-learning and big data,” added Cyrus Driver, managing director at Partners Group.
Straive is present in 15 locations across the Philippines, Singapore, India, China, Vietnam, the US, UK, and Nicaragua.
Driver earlier told DealStreetAsia that Partners Group will look for tech opportunities in Asia, allocating 15- 20% of its global tech investments to opportunities in the region, as the sector’s growth in the region accelerates.
The firm had $119 billion in assets under management as of 30 June 2021.
For BPEA, it is another major investment in Southeast Asia this year, following a co-investment along with Alibaba in Vietnam-based retail platform The CrownX. Its earlier and active investments in Southeast Asia include Vietnam-USA Society English Centres, business services TELUS International, and precision components maker Interplex.