QuEST Global, a global product engineering and lifecycle services company, announced that leading global investors – ChrysCapital, True North Managers LLP, and other institutional investors – have invested a total of approximately US $150 million to purchase minority stakes in the Company.
The investors have completed the purchase of a portion of the shares held by the co-founders and management team of QuEST. The existing investors – Bain Capital, Advent, and GIC, continue to remain invested. O3 Capital acted as the sole financial advisor to the transaction.
Commenting on the investment in QuEST, Sudip Nandy, Sr. Advisor. Enhancin, ChrysCapital, said, “ChrysCapital has a strong track record of over 20 investments in the Technology Services sector, which has been an integral part of our portfolio across funds. QuEST is one of the leading players in the engineering services space and has consistently outperformed its peers and demonstrated the ability to scale accounts in a fragmented industry, by becoming the core engineering partner to most of the top global firms across its target industry verticals. We are excited to back Ajit and the executive team at QuEST and look forward to working with them on the journey ahead.”
“QuEST is one of the top five players in the pure-play ER&D space and has built unique and deep expertise in an industry that is undergoing unprecedented digital disruption. As a leader in the engineering services space, QuEST has been offering strategic services to its customers rather than just a scale or merely cost differential. We were very impressed by the depth of engineering expertise and the diverse industries and emerging technologies in which QuEST is helping customers. We believe the ER&D space will continue to see significant growth and innovation in the years ahead, and we look forward to working with QuEST’s management team to capture these opportunities,” said Prasad Thrikutam – Partner, True North.
Ajit Prabhu, Chairman & CEO, QuEST Global, said, “We started QuEST with the vision of becoming the most recognized and trusted global engineering partner for our customers across industries. The investment by three of the most respected global investors, despite the ongoing pandemic crisis, is a testament to our ability to build and grow our business to become the most trusted thinking partner to customers. It also crystallizes the value we have created for our shareholders and employees who have placed their belief in us and partnered with us in this journey.”
Ajit further added that as the industrial world bounces back into pre-pandemic days, enterprises would need help from companies like QuEST – to bridge the gap between the industrial and digital world – and rebuild the lost traction. “Our focus will be to develop capabilities in hi-tech, software, digital segments along with other industries and help our customers solve their engineering challenges,” he said.
With the pandemic accelerating digital transformation across industries, enterprises are investing heavily in digital solutions to lead and take advantage of this wave of software product engineering. Being a trusted thinking partner to its customers, QuEST has been helping solve some of the toughest problems they face by creating new products, opening new market opportunities, and maximizing efficiency. The company also provides an opportunity to its employees to learn and grow without limitations, develop expertise, collectively achieve aspirations and experience a rewarding journey.