ChrysCapital, True North Managers LLP and other institutional investors have invested a total of $150 million to buy a minority stake in QuEST Global, a global product engineering and lifecycle services company, based out of Bengaluru.

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 for the transaction.

‘Strong track record’

Sudip Nandy, Managing Director and Operating Partner, 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.”

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“QuEST has 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 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, “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.”