Chennai, February 12: ICICI Venture Funds Management Co Ltd has sold its stake in Updater Services Pvt Ltd to a special purpose vehicle owned by the promoters of Updater Services. ICICI Venture had acquired a significant minority interest in the Chennai-headquartered UDS in 2008 and this transaction provides it a complete exit.
Veda Corporate Advisors was the financial adviser to ICICI Venture in this transaction.
Veda, according to a press release, ran a competitive bid in which multiple offers were received. Veda also advised the SPV in structuring a long-term and flexible debt option to enable a quick and successful closure of the transaction. This is Veda’s third consecutive private equity transaction involving UDS; it was the adviser in both its previous transactions in 2006 and 2008.
UDS is a leading integrated facilities management services company. With over 40,000 employees, UDS manages more than 125 million sq ft of floor space and has a pan-India presence with leading clients in a range of sectors.