Investcorp to acquire National Stock Exchange’s tech unit

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Bahrain’s Investcorp, the Middle East’s biggest alternative asset manager, will acquire the digital technology services business of India’s National Stock Exchange (NSE) in a deal valued at $120m.

The deal excludes NSEIT’s digital examination business, which offers online recruitment and promotion tests as well as digital upskilling services for corporates, the alternative investment firm said in a statement.

NSEIT, the digital technology arm of India’s largest stock market operator, provides advanced digital transformation and cybersecurity services to capital markets, insurance companies and banks in India, North America and the Middle East.

Investcorp said its acquisition of NSEIT is an extension of its track record of investing in technology and IT services companies around the world.

“We are pleased to announce our acquisition of NSEIT. It is a significant step in our expansion efforts in India and it underscores our commitment to investing in high-growth sectors and backing credible founders and management teams,” said Gaurav Sharma, head of India Investment Business at Investcorp.

With more than $52bn in assets under management, Investcorp has invested in several Indian companies including luggage maker Safari Industries, financial services company InCred and mattress maker Wakefit.

The firm’s portfolio company NDR Warehousing Private, listed NDR Infrastructure Investment Trust on the NSE in March – the first perpetual warehousing and industrial parks infrastructure investment trust listed on the exchange.

It is also active in the mid-market private equity space in India and has invested across the consumer tech, healthcare, financial services, retail, SaaS, e-commerce, and technology sectors.

Meanwhile, Investcorp is setting up a $1bn investment vehicle backed by Beijing’s wealth fund, China Investment Corporation, to invest in companies across the GCC region and China.

The fund, known as the Golden Horizon Fund, will invest in firms across consumer, health care and logistics sectors.

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