General Atlantic buys majority stake in Karvy Computershare

Karvy Computershare, an end-to-end financial services provider provides communication services on par with international standards. India’s asset management and corporate shareholders' service sectors are poised for rapid growth and continued development, supported by a number of compelling secular trends. Karvy Computershare Announces Strategic Growth Investment from General Atlantic (US-headquartered private equity firm), India’s Largest Investor and Issuer Services Provider Poised for Next Phase of Growth Hyderabad, India. Karvy Computershare, a leading provider of investor and issuer services for the asset management industry and Indian corporations, announced today that it has entered into definitive agreements for General Atlantic to become a significant shareholder in the company, subject to regulatory approvals and custom closing conditions.

As part of the transaction, Computershare Limited (ASX: CPU) and certain other shareholders will exit their investments in Karvy Computershare. C. Parthasarathy, will continue as a meaningful shareholder in Karvy Computershare and will become Chairman of the Board of Directors. Founded in 1995, Karvy Computershare subsequently became a joint venture between Karvy Group and Computershare Limited in 2004 when both firms recognized the growth potential of the Indian corporate shareholders service and asset management sectors.

Karvy Computershare services over 90 million investor accounts for its clients, which includes asset managers and Indian corporations. The company is also licensed by India’s Pension Fund Regulatory and Development Authority (PFRDA) as the official Central Record-keeping Agency (CRA) for the National Pension Scheme (NPS). “With the continued growth of the Indian asset management industry, there is significant opportunity for Karvy Computershare to support the expanding needs of our clients through our tech-enabled platform,” said C. Parthasarathy, Managing Director of Karvy Computershare.

We are thrilled to partner with General Atlantic as we embark on our next phase of growth. With its deep experience investing in a number of leading business service providers to the financial services industry, General Atlantic will bring valuable industry insights and significant technology know-how.” Sandeep Naik, Managing Director and Head of India & Asia-Pacific at General Atlantic, said. We believe Karvy Computershare will remain a partner of choice for Indian asset managers and corporates, given its extensive expertise and market-leading suite of services. We look forward to partnering with the company’s management team and entire employee base to help support new technology initiatives and growth opportunities to enhance the company’s value proposition.

Going further, Karvy Computershare plans to continue to incorporate operational best practices and deepen its focus on human capital in order to provide best-in class customer experience. General Atlantic has been active in India since 1999 and has invested over $2 billion in the India and Asia-Pacific region, as of December 31, 2016. With a team of 13 investment professionals based in the region, General Atlantic focuses on investments across five sectors, including Financial Services, Internet & Technology, Business Services, Retail & Consumer, and Healthcare.

The firm’s investments in the country include Billdesk, CitiusTech, House of Anita Dongre, IIFL Wealth, Mu Sigma, National Stock Exchange and PNB Housing Finance. In May this year, General Atlantic and private equity firms TPG Capital Inc formed a consortium to acquire a controlling stake in Fortis Healthcare Ltd and its subsidiary SRL Diagnostics Pvt. Ltd.

MAPE Advisory Group acted as the financial advisor to Karvy Computershare. AZB & Partners served as legal advisor to General Atlantic and Shardul Amarchand & Co served as legal advisor to Karvy Computershare.

Tags: General Atlantic, Karvy Computershare, Karvy Group, Computershare, Pension Fund Regulatory and Development Authority, PFRDA, NPS, c parthasarathy karvy computershare, MAPE Advisory Group