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 strengthened 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."

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."

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."

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."

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."

Avantica Technologies ("Avantica") 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)

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."

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."

Encora Acquires Daitan, Expanding its Software Engineering Capabilities

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

Leading global packaging provider acquired a majority stake in India based manufacturer of multi‐layer laminated tubes serving oral care, skin care, pharmaceutical and personal care customers to deepen its presence in India's laminated tubes packaging sector.

Fisdom is backed by PayU and 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:
"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."

About Seller: 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.

About Buyer: True North 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.

Deal Rationale and Confluentia Role

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."

"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," said Prasad Thrikutam – Partner, True North.

Encora (then Indecomm), 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

Warburg Pincus is a global private equity powerhouse with over $85 billion in assets under management and a portfolio of more than 225 active companies. The firm is a specialist in growth investing, focusing on long-term value creation across technology, healthcare, and financial services.

Steven Glenn, Managing Director, Chief Financial Officer, Warburg Pincus said, "We are excited to partner with Venu and the Indecomm Digital management team, who bring strong domain experience in the product engineering industry. The Company has carved a strong leadership position in the next- generation product engineering space and serves both large global enterprises as well as fast growing SaaS companies. We look forward to supporting the management team in expanding the Company's global footprint and service lines through organic and inorganic means."

Venu Raghavan, Co-Founder & CEO, Indecomm Digital said, "With a successful track record of backing management teams in growing great businesses and their global experience in the high-tech and next- generation IT space, Warburg Pincus is an ideal partner for our company. Indecomm Digital offers services which are critical to our client's success, and our teams are a de-facto extension of our client's R&D teams. We have invested in proprietary Platforms & Products to enable faster go-to-market for our clients. The investment from Warburg Pincus will allow us to expand our presence, strengthen our R&D capabilities and scale our business as we continue to deliver industry-leading growth to the full benefit of our global customers."

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
Advent International is a leading global private equity firm with $90+bn AUM, that invests in growth and buyout opportunities across sectors and geographies

"We are thrilled to enter into this partnership with Advent as we continue to scale our differentiated software engineering service offerings," said Venu Raghavan, Chief Executive Officer, Encora. "Advent's deep business and technology services sector expertise, along with its global footprint, complements Encora's strengths and creates opportunities to grow our business in key markets around the world."

Allwin Medical Devices, founded in 2006 by Dhiren Mehta, is a leading manufacturer of a wide range of medical devices, including Women's Health (IVF), Urology, Gastroenterology, and Interventional Radiology selling in 90+ countries via 100+ distributors. The company, headquartered in Anaheim, California, is committed to providing its customers with high-quality devices at affordable prices.

Esco Lifesciences is a global company that designs, manufactures, produces lab, pharmaceutical, bioprocess, and IVF equipment, serving 150+ countries with sustainable workflow solutions. Their product range spans laboratory and clean-air equipment (e.g. biosafety cabinets, incubators, fume hoods, laminar flow units) as well as IVF/ART (in vitro fertilization / assisted reproductive technology) devices.

The IVF consumables portfolio of Allwin Medical will expand Esco's instrument offerings, creating a complementary balance between consumables and incubators.

IVF clinicians and embryologists using Allwin's consumables or Esco's time-lapse and standard incubators will gain access to a complete ART workflow solution.

Allwin Medical's strong presence in India provides Esco with an established base in one of the fastest-growing IVF markets.

Allwin's management team brings exceptional expertise in the IVF consumables market, enhancing innovation and customer outcomes.

Dhiren Mehta, CEO of Allwin Medical, added, "By partnering with Esco, we'll better serve global IVF clinics with high-quality ART solutions. With Allwin, we All Win!"

XQ Lin, CEO of Esco, said, "Infertility impacts one in six couples. This partnership accelerates IVF innovation and supports our mission to make the world healthier, more equitable, and resilient."

Ace Cardiopathy is engaged in the business of wholesale distribution of medical devices and other healthcare and allied products having associations with globally renowned industry leaders like Terumo Corporation, Stryker, Boston Scientific, St Jude etc.

Entero is one of India's largest and fastest growing healthcare products distribution platform with wide operational presence across India with presence across 500 districts through physical warehouses in 44 cities.

Entero Healthcare Solutions Acquires Ace Cardiopathy Solutions to enter the medical devices distribution space, particularly in interventional cardiology products. The deal strengthens its specialty healthcare portfolio and leverages its existing distribution network to scale in high-value cardiac devices.

Ilantus Technologies is a provider of identity and access management (IAM) solutions, offering innovative products and services that help organizations securely manage and protect their digital identities. The company's services are used by a growing number of Fortune 500 companies and government organizations worldwide.

Network Intelligence is a leading provider of cybersecurity solutions, offering a comprehensive suite of products and services to help organizations protect their digital assets. The company's offerings include network security, threat intelligence, and compliance management services.

"We are excited to announce this acquisition, which will bring together the expertise of both companies to offer our clients a complete suite of cybersecurity solutions," said K.K. Mookhey, CEO of Network Intelligence. "With the integration of Ilantus Technologies' services business, we will be able to provide even more comprehensive protection for our clients' digital assets."

"Joining forces with Network Intelligence is a natural next step for Ilantus Technologies' services business," said Arun Singh, CEO of Ilantus Technologies. "This acquisition will allow us to reach a wider audience and bring our advanced IAM services to even more organizations in need of robust digital security."

Netweb Technologies successfully raised approximately ₹631 crore through its initial public offering in July 2023, marking one of the most oversubscribed IPOs of the year, with the issue subscribed 90× by day 3.

Confluentia advised the promoters to think through the possibility of an IPO and guided them on the process.

Leading European Financial Services Group with ~$3bn market cap entered into India's general insurance sector.