Private equity player ChrysCapital has picked up 15% stake in networking and system integration company Spanco Telesystems. The PE player did not divulge the transaction value.
“Spanco will benefit from the domestic IT spend by telecom service providers, defence, state governments as they roll out networks, including SWANs for e governance initiatives.
The company has grown revenues and profits at a CAGR of 60% and 108%, respectively over the previous three years and is well positioned to continue on its growth path paved with new initiatives in the arenas of RFiD and enhanced presence in the European and Middle Eastern markets. We are pleased to partner the company in fulfilling its ambitions,” said Sanjay Kukreja, principal, ChrysCapital.
ChrysCapital currently manages around $1 billion across four funds and its portfolio includes Mphasis, Spectramind, Suzlon, Gammon, Idea Cellular and UTI Bank.
Spanco Telesystems, which provides a range of services including networking, systems integration, RFID and business process outsourcing, has recently been awarded a 10-year, nation-wide outsourcing contract from Indian Railways.
Source : Economic Times