IT firm founded by four IITians sold for $420m
Mumbai: Private equity major Apax Partners has bought GlobalLogic, an IT outsourcing firm founded by four IITians in 2001, for $420 million (Rs 2,578 crore) in the biggest India exit for venture capitalists this year.
GlobalLogic, founded by Rajul Garg, Sanjay Singh, Manoj Agarwala and Tarun Upadhyay as IndusLogic, is based in California with development centres in India, Ukraine and Argentina. It has a typical hybrid business model pursued by Indian tech entrepreneurs and, according to the Apax MD, is a leader in outsourced product development services
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