Apax Partners buys 23% in Zensar

Private equity firm Apax Partners has bought 23.2 percents take in Zensar Technologies, an RPG group company, from Electra, a London listed private equity firm, for~834 crore. RPG Group will continue to be a majority share holder in the company with 48 percents take.

Private equity (PE) firm Apax Partners bought 23.2 per cent stake in Zensar Technologies, an RPG group company, from Electra, a London-listed private equity firm, for ~834 crore.

RPG Group will continue to be a majority shareholder, with 48 per cent stake.

The transaction was done by Marina Holdico, on behalf of Apax, from Electra Partners Mauritius, a subsidiary of the UK unit. Electra had invested $9 million in 1997 in the group.

"The transaction is between two PE players. But getting Apax on board is a big positive for the company, shareholders and employees," said Ganesh Natarajan, vicechairman and chief executive, Zensar.

Natarajan also said that getting Apax on board will allow the company to be more aggressive in its inorganic growth strategy.

"Electra had a board position and so Apax will also have representation. Having them on board means they will manage the transactions as well as help us get access to more targets for mergers and acquisitions," he added.

The company has been aggressive in expanding its network for some time. Last year, the firm had bought a US-based Oracle platinum company Professional Access. The company said it will continue to do so in the future.