According to sources, the deal for SLK Software was made at $600 million (Rs 5,100 crore).
The acquisition will further strengthen Altimetrik’s end-to-end enablement services and expand its customer reach, with a clear path to accelerate towards Altimetrik’s goal of reaching $1 billion in annual revenue, it said.
On May 29, ET had first reported that Altimetrik was in advanced talks to acquire Bengaluru-headquartered SLK Software at a valuation of $500-600 million (Rs 4,270-5,100 crore). Altimetrik has signed an exclusivity agreement with SLK, ET reported.
ET was first to report in February that a number of IT companies, including Mphasis, Hexaware Technologies, and Altimetrik, were in the race to acquire SLK.
TPG last year acquired a 60% stake in Altimetrik from Indian-American tech entrepreneur Raj Vattikuti at a valuation of $1.5 billion (Rs 12,500 crore). Altimetrik employs over 6,000 professionals in 18 countries, with more than 80% of its workforce based in India. The company helps businesses implement digital transformation, according to its website.
Altimetrik has offices in Pune, Chennai, Bengaluru, Hyderabad, Jaipur, and Gurugram. The company recently appointed Rajeev Jain, formerly executive vice president at LTIMindtree, as chief operating officer (CEO).
This strategic acquisition will significantly enhance the scale of Altimetrik’s capabilities, bringing together Altimetrik’s AI-first, platform-native engineering model and SLK’s full technology services stack that will further accelerate the journey towards modernising enterprise platforms for its customers, the company stated.
“In today’s world, AI, and especially generative AI and machine learning, is the engine that is driving true business value,” said Raj Sundaresan, CEO of Altimetrik. “To enable an AI-first business, a robust data cloud infrastructure that is grounded in product and platform engineering rigour is crucial. Our investment in SLK reflects our intention to deepen our commitment to customers who are looking for digital, AI-driven solutions that enable business value creation at unparalleled speed and scale,” he added.
Upon the closing of the transaction, the combined entity will serve a global customer base of over 150 businesses that include Fortune 500 companies. It will also enable a partnership network that includes era-defining pioneers such as OpenAI, Amazon Web Services, Snowflake, and Databricks.
Together, the business will employ over 10,000 professionals around the world to support customers who are on their digital transformation journey and are looking for innovative solutions to modernise legacy systems through leveraging data and AI, while ensuring world-class governance, compliance, and platform security. This includes organisations across diverse industries, from financial services & payments to pharma and lifesciences, to technology and manufacturing, it said.
“This combination creates an AI-first digital engineering platform with the scale, leadership, and execution muscle to deliver meaningful outcomes across industries. With TPG’s track record and experience in supporting enterprise tech businesses, we are proud to be able to support this next phase of growth and value creation,” said Puneet Bhatia, co-managing partner and country head, India, of TPG Capital Asia and board member at Altimetrik.
“This acquisition underscores TPG’s investment thesis in technology services, which is indexed on backing strategic technology providers that are leading the data and AI transformation journey for customers, with differentiated business, pricing and delivery models,” said Vivek Mohan, business unit partner at TPG Capital Asia and board member at Altimetrik.
Avendus Capital acted as the exclusive financial advisor to SLK Software. EY acted as the exclusive financial advisor to Altimetrik and TPG.
