Basil Partners sells its stake in CIGNEX to Datamatics Global Services
Investment in May, 2009 provides 4.8x returns to Basil Fund.
- (1888PressRelease) November 08, 2011 - Basil Partners, a PE Fund investing in niche technology services companies, today announced that it has completed the process to sell its stake in CIGNEX Global Holding Corporation, a global leader in commercial Open Source and SAP connect solutions, to Datamatics Global Services, a global outsourcing major.
"As a part of our strategy to invest in niche focus technology companies, Basil had acquired a 30% stake in CIGNEX in 2009. The Partners in Basil were actively involved in helping CIGNEX grow significantly across strategic & tactical areas in the last 2 years. This was instrumental in CIGNEX being considered a global leader in Open Source and its attractiveness to Datamatics. We are very happy with the potential that Datamatics provides CIGNEX to expand its market reach and end-to-end solution offerings that are essential for the next stage of their growth," highlighted Rajeev Srivastava, Managing Partner, Basil Partners.
The strategic sale of its stake in CIGNEX has provided a healthy return of 4.8 times (including earnouts) the amount invested in CIGNEX within a short span of 2 years.
Basil has made 7 other investments in companies focussing on niches such as Identity & Access Management, Oracle E-Business Suite, Remote Infrastructure Management, Enterprise Mobility, Web 2.0, Cloud, Social Media, Research & Analytics, Clinical Trial & Data Management.
About Basil Partners (www.basilpartners.com): Basil Partners is a Private Equity fund focused on investing in high growth IT companies in niche technology sectors. Basil's investment philosophy is to Partner with the Portfolio company in actively building world class companies. The Partners in the Fund are hands-on professionals who have managed leading IT & IT Enabled organizations. They add significant value to Portfolio companies across Strategy, Sales & Marketing, Delivery & Operations and Finance. The capital comes from Basil Growth Corporation, a closed-end Private Equity Fund incorporated in Mauritius.
For further information, please contact:
Sameer Kanwar
General Partner - Basil Partners
sameer ( @ ) basilpartners dot com
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