UAE-based private equity firm Gulf Capital has announced its exit from business process outsourcing services company iSON Xperiences, which has a presence across India and Africa.
Financial details of the divestment were not disclosed. Gulf Capital said it invested around $50 million, along with AfricInvest, in iSON five years ago.
During the investment period, iSON completed three bolt-on acquisitions to serve its geographic expansion as well as widen its product offering and capabilities.
The company grew its revenues by around 60%, and now generates around half of its revenues from new countries of operations since Gulf Capital’s initial investment, according to the announcement.
Founded in 2010, iSON is now active across 19 countries, conducting over 50 million customer transactions per month for more than 500 million customers globally.
“Our investment in iSON was driven by its market-leading position in Africa, representing 75% of the customer service market share in the telecom industry across Sub-Saharan Africa,” said Christopher Foll, senior managing director at Gulf Capital.
Gulf Capital is focused on investment in the Gulf Cooperation Council (GCC) – Asia corridor, having closed 45 deals since 2006. The firm currently manages over $2.4 billion in assets across seven funds and investment vehicles.
It invests across technology and fintech, healthcare, business services, consumer and sustainability.
Gulf Capital’s prior exits include food catering business Chef, hospitality distributor Destinations of the World, water engineering and concessions company Metito, oil and gas drilling and production services provider ADES, education firm Evolvence Knowledge Investments and Smart Energy Solutions, among others.
In February, DealStreetAsia reported that the firm was targeting about $750 million for its control-growth buyout vehicle, GC Equity Partners IV.
Gulf Capital was also looking at opportunities in Southeast Asian mid-market companies that are keen on expanding to the GCC region.
In March, its Singapore-domiciled entity, Gulf Capital Asia Pte Ltd, was granted a Capital Markets Services Licence (CMS) by the Monetary Authority of Singapore