Great Software Laboratory Private Limited today announced the acquisition of a significant majority stake in the company by Kedaara, a private equity firm. The Investment from Kedaara will enable GS Lab to accelerate business growth by leveraging global relationships of Kedaara and Clayton, Dubilier & Rice, a global private equity firm and JV partner of Kedaara, the company said in a press release.
Besides, the acquisition will help the firm to deliver digital product engineering services to a wider pool of customers across Independent Software Vendors (ISVs), enterprises, and digital-native companies globally, and, continue to focus on technologies to meet the digital needs of customers and create an enriching work environment for all employees.
Shridhar Shukla and Sunil Gaitonde, the co-founders of GS Lab said, “The investment by Kedaara will enable us to further build on our strengths and take advantage of the growing need for innovative software and digital solutions across industries globally and in India, by leveraging Kedaara and CD&R’s extensive network and relationships.”
Sunish Sharma, Co-CEO & Managing Partner of Kedaara, and Parin Mehta, Managing Director of Kedaara, said, “Digital transformation is one of the key investment themes for us, and we are very excited to partner with the GS Lab team to support their continued development of outstanding digital software products for their clients worldwide.”
Digital product engineering services is a high-growth sector globally. According to Nasscom, India's engineering R&D sector is expected to grow at a CAGR of 13 percent to $65 billion by 2025, up from $31 billion in 2019. This growth is being fueled by rapidly accelerating digitalization across all industry verticals.
Pramod Bhasin, Operating Partner, Kedaara, and former President and CEO, Genpact, said, “It is quite clear that digital is becoming the core differentiator for businesses across the board globally. With a strong product DNA and IP-led culture, GS Lab is very well positioned to be one of the premier digital engineering service providers based out of India.”
GS Lab works through the entire software development cycle, from ideation through design, development, execution, deployment, and support.
“We are very pleased to partner with Kedaara for continuing GS Lab’s growth journey,” said Atul Narkhede, CEO of GS Lab.”
DC Advisory acted as the sole financial advisor to GS Lab on the transaction.
