Kochi: Xcelerate Pte Ltd on Thursday announced a strategic equity partnership with Aparajitha Corporate Services Pvt Ltd (Aparajitha), a leading Compliance Services solutions provider in India, by acquiring a controlling stake.
Xcelerate, a Singapore headquartered platform, is creating a Governance, Risk and Compliance (GRC) investment and operational organization to offer comprehensive GRC solutions to clients across markets with a strategy to grow both organically and through acquisitions.
Xcelerate has made this investment through XLSure India Pvt Ltd, its wholly-owned Indian subsidiary, a release said.
Aparajitha is the market leader in India with solutions relating to Employee and Contract Labour Law, Shops & Establishments Act, Factories Act, Industrial Licenses, Mines & Minerals Act and Payroll processing and related compliances, covering over 170+ acts and 5,700 + compliance tasks.
Aparajitha’s clientele includes large MNCs, leading financial institutions, reputed conglomerates and many MSMEs across industries.
Commenting on the transaction, Dr Bharath KS, Chairman, Aparajitha, said “This partnership of Aparajitha’s domain expertise & strong client relationships combined with Xcelerate team’s management expertise and ability to integrate international operations will enable this platform to become truly global.”
Mr Nagaraj Krishnan, Managing Director, Aparajitha said “Onboarding Aparajitha on to the GRC platform being built by Xcelerate, is bound to provide Aparajitha with significant market opportunities and enable further consolidation of market share in India and overseas by offering tech-enabled high-quality services.”
Mr Madhujeet Chimni, Founder, Xcelerate said “Aparajitha is a very strong player in the Indian market, and we intend to bring together complementary products, strong domain expertise, cutting edge technologies and qualified teams to create the platform.”
Ernst & Young LLP acted as the sell-side Investment banker advising the shareholders of Aparajitha along with Commercial Law Advisors (CLA), who acted as the sell-side legal counsel.
Khaitan & Company was the buy-side legal counsel and PricewaterhouseCoopers Private Limited was the buy-side financial, tax and commercial DD advisor, the release added.