Mumbai-based digital solutions provider Hexaware Technologies has bought Minneapolis-based data consulting firm Softcrylic for an undisclosed sum.
Hexaware said in a statement that with this buyout it aims to strengthen its data and analytics capabilities by leveraging Softcrylic’s expertise in data strategy and marketing technology.
Founded in 2020 by John Flavin and Bharath Sritharan, Softcrylic offers a range of services, including strategy and advisory, data and analytics, data and cloud engineering, and marketing technology.
It monitors data of its clients throughout its lifecycle, offering them deeper insights into their business, to increase their operational efficiency in a data-driven manner.
Since its inception, it has partnered with several renowned brands, including the likes of Adobe, Google, Salesforce, Microsoft Azure and Amazon AWS. Its diverse portfolio of clients operates in sectors across travel and hospitality, food and beverage, retail, financial services and sports & media.
In the fiscal year ended March 2022, the company clocked revenue of $232 Mn and a net profit of $18.5 Mn.
“Softcrylic’s deep data capability combined with their marketing analytics expertise will enable us to help our clients unlock the power of their data and drive tangible business outcomes,” Girish Pai, global head of data & AI at Hexaware.
“Joining forces with Hexaware presents an exciting opportunity to expand our reach and accelerate our growth,” said Softcrylic’s CEO John Flavin.
This comes at a time amid reports that Carlyle Group is planning a $1 Bn initial public offering (IPO) for Hexaware at a valuation of $4 Bn.
If the IPO plans materialise, it would be the biggest public listing in the country since shares of Life Insurance Corporation of India (LIC) were listed on domestic bourses.
It’s pertinent to note that Carlyle acquired Hexaware from Baring Private Equity Asia in 2021.
Meanwhile, Hexaware offers services like information technology (IT), business process outsourcing (BPO), cloud computing, data analytics, and artificial intelligence solutions.
It competes against IT majors such as Accenture, Deloitte Consulting, IBM Consulting, Cognizant and Wipro among others.
In 2019, Hexaware acquired Mobiquity, a US-based digital services company, in an all-cash deal worth $182 Mn.
