Confluentia Advisors has been founded to address the gap of trusted relationship-based M&A and PE advisory services in the technology space.
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Finance Services
HR Tech
April 2019
Kwench is a market leader in the employee recognition space in India, and O.C. Tanner is the world’s largest recognition company serving thousands of the most respected companies globally. The agreement will combine the global footprint of O.C. Tanner and the SaaS platforms of Kwench to enhance value to their clients worldwide.
O.C. Tanner Acquires India-based Employee Recognition Company Kwench The acquisition will allow O.C. Tanner to deepen its presence in India and enhance value to clients around the globe.
SALT LAKE CITY, April 14, 2019 /PRNewswire/ -- O.C. Tanner, the global leader in employee recognition and workplace culture, announced today it has acquired the recognition and rewards technology and business of Kwench, an India-based company that delivers cutting-edge, easy-to-use corporate recognition solutions. The agreement will combine the global footprint of O.C. Tanner and the software-as-a-service (SaaS) technology platforms of Kwench to enhance value to clients everywhere.
Kwench is a market leader in India and works with more than 500 companies across 63 countries. "We've enjoyed tremendous success with our O.C. Tanner India team, and the addition of the Kwench team and technology will combine the strengths of two market leaders to help us better serve our collective client base," said Dave Petersen, CEO of O.C. Tanner. "While we've largely focused on multinational clients, the Kwench focus has been primarily on companies headquartered in India, so this acquisition will fuel even greater growth. We measure progress and success by how many employees and workplaces we can positively impact through our recognition programs and strategies – and we are very excited to welcome the Kwench team into our global organization."
O.C. Tanner's existing footprint in India, including a headquarters in Mumbai and a second location in Hyderabad, will be bolstered by Kwench's local presence and nearly 50 employees.
"We are truly excited to join the O.C. Tanner family and see it as a perfect meeting of minds, culture and aspirations. It is indeed a validation of India's market potential and Kwench's capabilities that the world's largest recognition company has chosen to make this acquisition," said Sunder Nookala, CEO of Kwench.
"As one of the fastest-growing economies in the world, India is an exciting place for business today," said Managing Director of O.C. Tanner India Zubin Zack. "Employee recognition is fast evolving as a key focus area as companies fight to attract and retain the best talent. These are exciting times for Kwench and O.C. Tanner to combine strengths and bring global best practices to the Indian market."
Strategic & Financial Advisory
Travel Technology
April 30, 2019
MakeMyTrip’s corporate travel platform is aimed at SMEs, and Quest2Travel’s cloud-based enterprise software is targeted at large companies with complex hierarchy and compliance requirements. Through this partnership, they have firmly established themselves in the leadership position in the Indian corporate travel market.
Limited Acquires Majority Stake in Quest2Travel.com
New Delhi and New York, April 30, 2019 /Globe Newswire/ -- MakeMyTrip Limited (NASDAQ: MMYT) has acquired a majority shareholding interest in Mumbai based Quest 2 Travel.com India Private Limited (Q2T), an internet-based corporate travel management company.
Through Q2T’s enterprise software, large corporate clients are able to manage their end-to-end employee travel needs on a real-time basis in a transparent and secure manner. The online platform offers travel request approvals, corporate policy compliant booking, invoice generation, and expense management.
Deep Kalra, Founder & Group CEO of MakeMyTrip Limited, stated that the investment will help extend service offerings to large corporates while leveraging MakeMyTrip’s travel expertise and supplier relationships.
Abhay Rangnekar, Founder and CEO of Q2T, said that the partnership combines leadership in corporate travel with the leader in non-corporate travel, enabling superior service offerings and better pricing for clients.
Strategic & Financial Advisory
Retail Technology / ERP / SaaS
Up to $10 Million
Ginesys has 20,000+ users across retail and distribution clients. It is used by leading retailers like Manyavar, Biba, House of Anita Dongre, V-Mart, Soch, and Bazaar Kolkata. This investment by Marathon Edge will widen the scope and depth of Ginesys solutions which are developed for small and medium consumer brands and retailers.
Ginesys raises up to $10 million from Marathon Edge. Ginesys will use the capital to bring the best global solutions at an Indian price point.
SALT LAKE CITY, April 14, 2019 /PRNewswire/ -- O.C. Tanner, the global leader in employee recognition and workplace culture, announced today it has acquired the recognition and rewards technology and business of Kwench, an India-based company that delivers cutting-edge, easy-to-use corporate recognition solutions. The agreement will combine the global footprint of O.C. Tanner and the software-as-a-service (SaaS) technology platforms of Kwench to enhance value to clients everywhere.
Marathon Edge has agreed to invest up to $10M in Ginesys (a product of Ginni Systems Ltd). This investment will widen the scope and depth of Ginesys solutions which are developed for small and medium consumer brands and retailers. With over 20,000 users across retail and distribution clients, Ginesys is the established leader in Point-of-Sales (POS) and Enterprise Resource Planning (ERP). Since 2006, Ginesys has been providing an affordable suite of POS and ERP solutions across India. Ginesys offers a one-stop shop for all ERP/POS needs spanning supply chain, finance, warehouse management, manufacturing all the way up to point-of-sales. Ginesys is used by leading retailers like Manyavar, Biba, House of Anita Dongre, V-Mart, Soch, and Bazaar Kolkata. Enterprise software is mission critical for consumer companies of all size. Ginesys has proven its ability to provide a global quality solution.
Ravi Modi, MD of National Fashion Icon Manyavar said ‘Ginesys has played a very important and robust role in our journey to 500+ stores and this investment should help the company to deliver greater innovation and technology.’ The Ginesys solution caters to retailers small and big. Chaudhari Lifestyle is one such customer having 3 stores based in Nagpur. ‘We have chosen Ginesys ERP software because it is very much suited to small retailers who want to expand to multiple stores. We benefited from their experience with large chains. Inventory control and cost effectiveness by automating our business processes easily paid back our investments’ says Rahul Chaudhari from the firm.
Ginesys customers span fashion brands, single store retailers and large format stores and distributors across apparel/fashion, supermarkets and general merchandise categories. ‘Our customers operate in a complex and extremely dynamic environment. We are introducing exciting products to cater to the evolving needs of Indian retail, right from cloud POS to Omni channel and replenishment’ said Prashant Lohia, founder and CEO of Ginesys. Marathon Edge is a financial investor in Indian technology, consumer and healthcare services companies. While financial terms of the transaction were not disclosed, Prashant Lohia said that the relationship with Marathon Edge is quasi-strategic in nature. “With our partnership with Marathon Edge, we now have substantial financial means to invest in technology and organization building, and make strategic acquisitions” added Mr. Lohia.
Strategic Advisory
IT Service
Undisclosed
Strategic Advisory
DMI is a leading provider of digital services and technology solutions, headquartered in Tysons Corner, VA. With a focus on end-to-end managed IT services, including managed mobility, cloud, cybersecurity, network operations, and application development, DMI supports public sector agencies and commercial enterprises around the globe.
Encora, headquartered in Santa Clara, California, is a leading global digital engineering services firm backed by Advent and Warburg Pincus. With over 9,500 employees across 40+ offices worldwide, Encora specializes in product engineering, cloud enablement, data & AI, and modernization services, supporting clients across technology, healthcare, financial services, and other industries. The company is recognized for its deep domain expertise and for helping enterprises accelerate innovation through next-generation engineering solutions.
"This acquisition will accelerate Encora's commitment to delivering industry specific Cloud, Data and AI engineering services that empower enterprises to succeed in a rapidly evolving digital landscape," said Anand Birje, Chief Executive Officer, Encora. "By integrating this strategic portfolio acquisition, we're enhancing our ability to address complex industry challenges and accelerate innovation across global markets."
Strategic Advisory
IT Service
Undisclosed
Strategic Advisory
Softelligence enables organizations in Financial Services to accelerate growth with next generation InsurTech through Automation, AI and Machine Learning. It has extensive industry knowledge and a broad expertise in digital projects covering paperless quote-and-bind flows, automation of the claims process through AI, fraud detection using Machine Learning algorithms across personal and commercial lines, corporate and specialty as well as digital lending, Know Your Customer (KYC) and other digital banking flows. From data to insights with compelling dashboards, from manual processes and forms to pure digital customer journeys, Softelligence is the partner of choice for many top-tier insurance companies and banks in Europe.
Encora, headquartered in Santa Clara, California, is a leading global digital engineering services firm backed by Advent and Warburg Pincus. With over 9,500 employees across 40+ offices worldwide, Encora specializes in product engineering, cloud enablement, data & AI, and modernization services, supporting clients across technology, healthcare, financial services, and other industries. The company is recognized for its deep domain expertise and for helping enterprises accelerate innovation through next-generation engineering solutions.
"Softelligence is expected to greatly expand our global reach and strengthen our ability to provide high-quality, nearshore services for customers across the world," said Anand Birje, CEO, Encora. "We are delighted to welcome Adrian Blidarus and his team, as they will provide critical expertise to enhance our capabilities and further our mission of being the leading global engineering solutions provider."
Strategic Advisory
IT Service
Undisclosed
Strategic Advisory
Excellarate is a global technology services and solutions company with over 20 years of domain expertise within health, insurance, financial, and enterprise technologies. The company is a trusted partner of over 250 clients including Change Healthcare, Ad Giants, Alchemy Systems, and Centric Software to accelerate innovation and achieve business agility. Excellarate has strategic technology and solution partners including AWS, Azure, GoogleCloud, Appian, and Salesforce to help drive digital transformation for our clients. With over 1,300 engineers across North America and India, Excellarate provides a dual-shore delivery model that empowers clients to drive innovation and accelerate time-to-market.
Encora, headquartered in Santa Clara, California, is a leading global digital engineering services firm backed by Advent and Warburg Pincus. With over 9,000 employees across 40+ offices worldwide, Encora specializes in product engineering, cloud enablement, data & AI, and modernization services, supporting clients across technology, healthcare, financial services, and other industries. The company is recognized for its deep domain expertise and for helping enterprises accelerate innovation through next-generation engineering solutions.
"Excellarate has a long history serving a wide range of fast-growing clients in HealthTech, FinTech, and InsurTech and we are thrilled to welcome them to the Encora family," said Venu Raghavan, founder and CEO, Encora. "Nick Sharma and his team will provide valuable expertise and capabilities to strengthen our customer offerings and further our mission of becoming the leading global engineering solutions provider."
Strategic Advisory
IT Service
Undisclosed
Strategic Advisory
Daitan is a Brazilian software engineering services firm with deep expertise in AI, data engineering, cloud, and product development. The company operates delivery centers in Brazil and serves clients globally, delivering advanced technical solutions across industries.
Encora, headquartered in Santa Clara, California, is a leading global digital engineering services firm backed by Advent and Warburg Pincus. With over 9,000 employees across 40+ offices worldwide, Encora specializes in product engineering, cloud enablement, data & AI, and modernization services, supporting clients across technology, healthcare, financial services, and other industries. The company is recognized for its deep domain expertise and for helping enterprises accelerate innovation through next-generation engineering solutions.
"Adding Daitan's depth of services and domain expertise strengthens our offerings in our focus industries and broadens our LATAM footprint with top-tier talent in Brazil." said Venu Raghavan, CEO, Encora.
Strategic Advisory
IT Service
Undisclosed
Strategic Advisory
Avantica Technologies is a leading nearshore software development company focused on driving customer outcomes by leveraging their experience across the product development lifecycle. Capabilities from design to development, testing, and professional services provide unique value to the company's Cloud, Mobile, Enterprise, Social Networking, and Consumer Web application customers. The company is headquartered in Silicon Valley with engineering centers in Costa Rica, Peru, Bolivia, and Colombia making them especially well-suited to both established and early-stage companies in North America and Latin America.
Encora (then Indecomm Digital Services), headquartered in Santa Clara, California, is a leading global digital engineering services firm backed by Advent and Warburg Pincus. With over 9,000 employees across 40+ offices worldwide, Encora specializes in product engineering, cloud enablement, data & AI, and modernization services, supporting clients across technology, healthcare, financial services, and other industries. The company is recognized for its deep domain expertise and for helping enterprises accelerate innovation through next-generation engineering solutions.
"Avantica has an excellent track record in delivering partner-centric software engineering services with a Nearshore advantage to both established and early-stage software companies. The brand and the team will be a great addition to what we have achieved at Indecomm Digital. Together, we will be one of the leading product and digital innovation providers in Latin America, well-poised to deliver accelerated business outcomes to our customers." said Venu Raghavan, CEO, Encora (then Indecomm).
PE Fundraise
SaaS
$10 Million
PE Fundraise
Ginesys's PoS and ERP platform supports over 20,000 users across retail and distribution clients. Since 2006, it has offered an integrated, affordable suite of PoS and ERP services across India, spanning supply chain, finance, warehouse management, manufacturing, and point-of-sales. Its clientele includes retailers such as Manyavar, Biba, House of Anita Dongre, V-Mart, Soch, and Bazaar Kolkata.
Marathon Edge is a financial investor focused on Indian technology, consumer, and healthcare services companies. The exact financial terms of this transaction were not disclosed. The relationship between Ginesys and Marathon Edge is described as quasi-strategic in nature.
Ginesys plans to use the capital to broaden its solutions, bringing the best global solutions at convenient price points. According to Prashant Lohia, founder & CEO of Ginesys: "With our partnership with Marathon Edge, we now have substantial financial means to invest in technology and organization building, and make strategic acquisitions."
Series A Fundraise
Logistics Tech / SaaS
$7 Million
February 8, 2022
GoComet is a vertical SaaS platform providing multi-modal logistics solutions to SMEs and global enterprises. Its platform enables automation of end-to-end logistics workflows — such as tracking, freight rate procurement, supply chain optimization, and container visibility — leveraging AI and machine learning to cut costs, manage complexity, and improve supply chain resilience. At the time of the press release, GoComet serves customers across 35 countries, with over 150 global brands using the cloud platform.
The $7 million Series A round was led by Rider Global and Atlas Ventures, with participation from Jetty Ventures, Rebright Partners, Leo Capital, and Krishna Capital.
GoComet intends to deploy the capital to fuel further platform development, accelerate its customer growth, and expand its footprint into the US and Europe, consistent with its goal to become a global leader in logistics SaaS.
Gautam Prem Jain, CEO & Co-Founder of GoComet, said: "We are thrilled to have a group of investors who believe in GoComet's ability to develop competitive supply chain technology solutions, especially at a time when global supply chains are facing unprecedented challenges. We aim to use this capital to attract and retain key talent and expand our customer base into newer segments and markets."
Strategic Acquisition
HR Tech / Employee Recognition SaaS
Undisclosed
April 2019
Kwench is an India-based recognition company delivering SaaS-based employee recognition and rewards solutions. The acquisition brings together two market leaders to better serve the client base.
O.C. Tanner is a global leader in employee recognition and workplace culture. With established operations in India through offices in Mumbai and Hyderabad, O.C. Tanner serves clients worldwide, delivering impactful experiences that help people feel appreciated at work. The acquisition of Kwench aligns with its vision of delivering technology-led, locally relevant solutions in high-growth markets like India.
The acquisition of Kwench will help O.C. Tanner strengthen its market position in India by combining its global capabilities with Kwench's localized expertise, customer base, and platform. It will also support the expansion of its integrated recognition solutions in one of the most dynamic and promising markets for employee engagement.
Dave Petersen, CEO of O.C. Tanner, said: "We've enjoyed tremendous success with our O.C. Tanner India team, and the addition of the Kwench team and technology will combine the strengths of two market leaders to help us better serve our collective client base."
Sunder Nookala, CEO of Kwench, added: "We are truly excited to join the O.C. Tanner family and see it as a perfect meeting of minds, culture and aspirations."
Majority Stake Sale
SaaS
Undisclosed
April 2019
Founded in 2000 by Abhay Rangnekar, Quest2Travel (Q2T) is a corporate travel management platform that enables enterprises to automate and streamline employee travel bookings and expense workflows. The company offers a full-stack digital solution covering travel requisitions, policy-compliant approvals, bookings (flights, hotels, cabs), expense reconciliation, and settlement. Quest2Travel served several marquee corporates including Tata Motors, Aditya Birla Group, HDFC Ergo, and the Times Group, with a reputation for deep domain expertise, configurable workflows, and strong customer retention.
MakeMyTrip is India's largest online travel company, offering flights, hotels, holiday packages, and bus bookings through a multi-brand consumer platform that includes MakeMyTrip, Goibibo, and redBus. The acquisition of Quest2Travel marked MakeMyTrip's formal entry into the B2B corporate travel space, a strategic extension to its strong consumer travel business.
The transaction enabled MakeMyTrip to expand its footprint into the high-frequency, sticky corporate travel segment by acquiring a proven B2B platform with strong enterprise adoption and deep process integration. For Quest2Travel, the partnership unlocked access to richer inventory, stronger pricing, and a platform to scale client servicing.
Abhay Rangnekar, Founder & CEO of Quest2Travel, said: "This partnership is a perfect fit because it combines the best in corporate travel with the leader in non-corporate travel. The tie-up will allow Quest2Travel to offer wider inventory and better pricing across air, hotel, and ground transport services — helping us serve our clients better at scale."
Strategic Acquisition
SaaS
Undisclosed
February 2021
Fisdom is backed by PayU. The company operates in a partnership model to offer financial services to customers and partners.
Tax2win enables customers to plan and file income tax returns through self-serve and post-filing services for individuals and small businesses.
With this acquisition, Fisdom is foraying into tax solutions. The Tax2win team will continue to operate independently. Both companies will work together to provide a holistic experience to their respective customers and partners incorporating each other's product portfolios.
Subramanya SV, Co-founder and CEO, Fisdom, said: "The acquisition of Tax2win is in line with the company's strategic goal to offer a complete suite of financial services for its customers and partners. Topic of tax is perceived as a complicated subject by customers at large and there is a significant awareness gap. We welcome Tax2win's team and clients on-board a new and exciting journey with us."
PE Fundraise
Tech
Undisclosed
Buy Side
Quest Global is an engineering services company that has been operating for more than 25 years. It works across 17 countries with over 83 global delivery centers and employs more than 21,000 people. The company provides end-to-end engineering solutions in Aerospace & Defense, Automotive, Energy, Hi-Tech, MedTech & Healthcare, Rail, and Semiconductors. Its approach combines technology, industry expertise, and diverse teams to address complex engineering problems.
True North is a private equity and credit firm based in India. It partners with entrepreneurs and business leaders to build and scale meaningful, responsible companies. On the private equity side, True North invests in mid-market firms across sectors like consumer, healthcare, financial services, and technology. The firm emphasizes sustainable practices, governance, and long-term value creation in its investments.
Ajit Prabhu, Chairman & CEO, Quest Global, said: "We started Quest Global 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."
Prasad Thrikutam, Partner, True North, said: "Quest Global 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 Global 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 Global 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 Global's management team to capture these opportunities."
