New York, NY, May 31, 2024 — BDA Partners is pleased to announce that its client, Coforge Ltd (NSE: COFORGE), a leading global Digital Services and IT Solutions company, has signed definitive agreements with the promoters and select public shareholders of Cigniti Technologies (NSE: CIGNITITEC), to acquire a majority stake.
Cigniti is a Digital Assurance and Digital Engineering Services company. Coforge has also launched an open offer to acquire an additional 26% stake in Cigniti.
Both companies are multinationals, with origins and stock market listings in India and have a senior leadership presence in the US and India with a sizeable revenue base in the US.
This acquisition will help Coforge to expand its capabilities across the Retail, Hi-Tech/ISV and Healthcare verticals and scale up its clientele presence across the Southwest, Midwest and Western US markets.
Manoj Balwani, Head of Technology, US & India, BDA Partners, said, “We’re delighted to play a significant role in this marquee transaction. Hearty congratulations to the Coforge leadership team as they embark on this highly synergistic journey. This is BDA’s tenth successful transaction in the US-India corridor in the last three years. It demonstrates our market leading share in the Tech Services M&A space, especially in the US and India regions, working alongside our strategic partner, William Blair.”
BDA Partners acted as the exclusive financial advisor on this transaction.
The transaction is expected to be completed in the coming months, subject to customary closing conditions and regulatory approvals.
BDA Deal Team
Manoj Balwani, Partner, Head of Technology US & India
Milap Maru, Director, Mumbai
Dhwani Desai, Associate, Mumbai
Jyotin Gagrani, Managing Director, Mumbai
Shubham Verma, Vice President, Mumbai