Business wire
- QBurst is a global digital product engineering platform with a strong presence across North America, Japan, Middle East, Europe and India
- Multiples to drive accelerated growth through exceptional talent addition and strategic acquisitions
Multiples Announces Acquisition of Controlling Stake in QBurst by Investing ~USD 200 Mn
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Deepshikha Sharma
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Eminence Strategy Consulting
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Multiples Alternate Asset Management (“Multiples”), along with its co-investors, announced that it has signed definitive documents to acquire a controlling stake in a high-growth digital product engineering platform, QBurst (“the Company”). This transaction, with an investment of ~USD 200 Million, marks Multiples' largest control investment in technology services.
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Founded in 2004, QBurst has grown into a global leader in digital solutions, offering services in Digital Product Development, Enterprise Digitalization, Data Analytics, Cloud Services, AI & Generative AI Services, Automation, DevOps, and Digital Marketing Enablement. With a strong presence across North America, Japan, Middle East, Europe and India, the company has over 3,000 employees and maintains an agile, customer-centric approach while fostering top engineering talent.
Renuka Ramnath, Founder, MD & CEO of Multiples, said, “QBurst, with its remarkable journey powered by cutting-edge engineering, has carved a distinctive position in the global market. Our partnership will drive transformational success for the company, backed by exceptional talent addition, increased investments in emerging technologies and strategic acquisitions. While Multiples holds a controlling stake, the founders - Prathapan Sethu, Binu Dasappan and Ansar Shihabudeen - will continue to have a meaningful stake, ensuring the continuity of the best practices and values that have shaped the company's growth. Multiples is focused on technology services companies operating in high growth areas. We have also stepped up our US origination capabilities, marking a beginning of many such large-scale control transactions.”
Manish Gaur, Managing Director and Head of Enterprise Technology, Multiples, said, “QBurst is a differentiated tech services platform with end-to-end product development capabilities and a customer-centric technical solutions approach. We are excited to work on accelerating its growth and unlocking its full potential. This investment demonstrates Multiples’ continued focus on technology driven businesses, as evidenced in our portfolio of Companies such as AI and Data services player Quantiphi, HR Tech business PeopleStrong, customer engagement SaaS business MoEngage, and other tech-centric businesses such as Delhivery, Dream Sports, Acko, Licious and India Energy Exchange. Enterprise Tech is a priority sector for us and we intend to deploy close to USD2 bn in the space over the next 5 years.”
Prathapan Sethu, Co-founder of QBurst, said, “My co-founders, Binu Dasappan, Ansar Shihabudeen, and I have built QBurst with a focus on innovation and excellence. In Multiples, we have found a partner who not only shares our values but also brings the strategic prowess and ability to accelerate our aspirations. While we are proud of transforming QBurst from a startup into a global digital engineering force over the past two decades, I believe our partnership with Multiples will help us achieve something extraordinary in the years ahead.”
The transaction is subject to receipt of statutory and regulatory approvals. BDA Partners acted as the exclusive financial advisor, Shardul Amarchand Mangaldas & Co. as the legal advisor and EY as the tax advisor to QBurst and its founders on the transaction. Anagram Partners acted as the legal advisor, and EY as the financial and tax advisor to Multiples.
About Multiples Alternate Asset Management
Multiples is India’s leading Alternate Asset Management company distinguished by its long and successful experience of partnering with entrepreneurs. Multiples has backed over 30 enterprises to build aspirational, distinctive, and responsible businesses. Multiples identifies opportunities that benefit from big shifts in its chosen sectors and partners with exceptional entrepreneurs and management teams in creating transformational growth.
Multiples focuses on core sectors of financial services, pharma & healthcare, consumer and technology and more recently the green economy. Some of Multiples’ distinctive investment partnerships include ACKO, Delhivery, Dream Sports, Encube, India Energy Exchange, Kogta Financial, Licious, Milltec, MoEngage, PVR, Quantiphi, TI Clean Mobility, Vastu Housing Finance, and Zenex.
About QBurst
QBurst is a global product development and consulting company with over 20 years of experience. Founded in 2004, QBurst has presence in 21 cities across 11 countries and employs 3000+ professionals globally. QBurst serves a diverse, worldwide clientele across a broad range of industries, offering comprehensive digital solutions. QBurst capabilities span a wide spectrum of digital solutions, encompassing cloud enablement, data and AI development, digitalization services (including mobility, CRM, and enterprise solutions), end-to-end product development leveraging microservice architecture, DevOps, and cybersecurity best practices, digital marketing strategies, and SaaS implementations. QBurst maintains strategic and technology partnerships with industry majors such as Microsoft, Amazon, Salesforce, Google, Adobe and Strapi to deliver value-added services to our global client base. QBurst has been recognized by industry analysts such as Deloitte, Dun & Bradstreet, Statista, Economic Times and Financial Times as one of the fastest growing technology companies in India and the Asia Pacific.
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