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Bahrain’s Investcorp, the Middle East’s largest alternative asset manager, will buy India’s National Stock Exchange’s (NSE) digital technology services business for $120 million.
The alternative investment firm said in a statement that the deal does not include NSEIT’s digital testing business, which provides online recruitment and promotion testing and digital skilling services to companies.
NSEIT, the digital technology arm of India’s largest stock market operator, provides advanced digital transformation and cybersecurity services to capital markets, insurers and banks across India, North America and the Middle East.
Investcorp said the acquisition of NSEIT is an extension of its track record of investing in technology and IT services companies around the world.
“We are pleased to announce the acquisition of NSEIT. This marks an important step in our expansion in India and underlines our commitment to investing in high growth sectors and backing credible founders and management teams,” said Gaurav Sharma, head of Investcorp’s India investment business.
Investcorp, which has more than $52 billion in assets under management, has investments in several Indian companies, including luggage maker Safari Industries, financial services firm Incred and mattress maker Wakefit.
Its portfolio company, NDR Warehousing Private, listed NDR Infrastructure Investment Trust on the NSE in March, the first permanent warehousing and industrial park infrastructure investment trust to be listed on the exchange.
The firm is also active in the mid-cap private equity space in India with investments across consumer technology, healthcare, financial services, retail, SaaS, e-commerce and technology sectors.
Meanwhile, Investcorp is setting up a $1 billion investment fund with the backing of Beijing-based wealth fund China Investment Corp to invest in companies in the GCC region and across China.
The fund, known as the Golden Horizon Fund, will invest in companies in the consumer, healthcare and logistics sectors.
