CHENNAI: In a show of promoter commitment, a consortium of private investors led by the promoters and associates of Pondicherry-based Integra Software Services has acquired the entire stake of existing investor Baring Private Equity Fund. The financial details of the deal were not disclosed.
"The complete confidence that we had in our business and the growth prospects prompted us to make a bid for Baring's stake," Sriram Subramanya, founder, MD & CEO of Integra told TOI. He added that Integra earns revenues of Rs 75 crore, and is looking to grow it four times in three years on the back of strong performance in the digital publishing space.
Baring had earlier acquired the majority stake in Integra in 2006 and was looking at exit options. The promoters of Integra, Sriram Subramanya and Anuradha Sriram along with associates made a competitive bid to buy Baring's stake. Veda Corporate Advisors were advisors for both the deals.
Founded in 2000, Integra provides end to end publishing, digital content and e-learning services to global publishers and educational institutions. The company has its principal delivery centre in Pondicherry along with service delivery centres at Chennai in India and Illinois in the US, with an employee strength of 1,100 employees.