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Computer Sciences Corp buys AppLabs; PE corporations exit

US-based info technology firm pc Sciences Corp. (CSC) has acquired all of software testing company AppLabs Technologies Pvt. Ltd for a worth that VCCircle, the net tracker of venture capital and personal equity (PE) transactions, said could also be the maximum amount as Rs.1,200 crore.

The transaction, that gave PE investors a chance to exit AppLabs, was announced by the corporations in Hyderabad, where AppLabs includes a massive operation.

The purchase offers the Falls Church, Virginia-based CSC a 10-year-old, privately held company with two,500 check professionals and a portfolio of rising technologies and proprietary tools.

It’s the primary purchase within the software testing domain for the $16.12 billion (around Rs.77,054 crore) US firm; it enhances CSC’s pc services experience in industries like money services, healthcare, producing, chemicals, energy and natural resources.

“The key points for AppLabs were their tools and methodologies in testing, intellectual property and their terribly sturdy sales force,” said Brian J. Manning, president and managing director of CSC India.

The companies didn't disclose the valuation of the deal nor was it clear if the transaction concerned an all-cash payout or included stock. UBS Investment Bank suggested AppLabs on the deal.

According to a report on VCCircle posted before the announcement, the deal was estimated by market individuals at between Rs.1,000 crore and Rs.1,200 crore. AppLabs founder and chief government officer Sashi Reddi neither confirmed nor denied the figure.

PE firm WestBridge Capital, through WestBridge Ventures I and WestBridge Ventures II, invested around $20 million in AppLabs across 3 rounds, in 2004, 2006 and 2008. The venture fund, that had a stake of around five hundredth, was estimated to urge Rs.500-600 crore from the transaction, VCCircle said. Promoters held four-hundredth and staff 100 percent of AppLabs.

“These exits are very important and paramount for the investment trade as returns highlight India’s potential as an investment destination which might provide desired returns for the investment risks taken,” said K. Ramakrishnan, government director and investment banking head at Spark Capital.

“Fund managers aren't evaluated by restricted partners (LPs, or investors in PE funds) on the idea of the capital deployed by them. they're evaluated on the returns they offered through the exits they created,” he said. “LPs are terribly closely watching the returns feasibility of the Indian market. it'll strengthen their confidence.”

WestBridge confirmed it had exited the corporate.

“It has been a pleasure to serve on the board of AppLabs, and that we have had an excellent journey during this venture along,” said Sandeep Singhal, managing director, WestBridge Advisors Pvt. Ltd, in a very statement.

Founded in 2001 by Reddi in Philadelphia, AppLabs was rated the biggest freelance software testing company within the world by analyst firm NelsonHall last year. it's served over one hundred fifty clients since inception with this customer base pegged at a hundred and twenty in money services, insurance, technology, healthcare and life sciences, retail and travel verticals.

“The 10-year life time of the fund was over last year,” said Reddi. “We had to supply an exit for our investors... because the outcome evolved, we have a tendency to set acquisition was the simplest deal.”

Research firm IDC has forecast a twenty first compounded annual growth for the freelance testing and validation services market through 2013.

Reddi said AppLabs staff are retained within the combined entity; some senior executives are offered generous pay packages to remain place with the corporate for 2 years. Reddi himself are concerned making certain a swish and successful integration.

“My role are to confirm that we've got a awfully successful integration,” he said. “My firm commitment is to form certain that the combination is completed right and is successful for all the investors.”

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