Private Equity Giants Locked in a Race to Invest in CRMNEXT

TA Associates, Warburg Pincus, and Accel-KKR, the private equity giants, are in the contest to spend in CRMNEXT, the Noida-based “software as a service” (SaaS) company, as per people who are aware of the matter.

The talks are at an examining stage but if a contract is struck, the thirteen-year-old firm might probably lift $40–45 Million at an estimation of $140–150 Million, they further claimed. It might be the first equity funding lifted by the company, which fights with Microsoft, Salesforce, and Oracle, since it lifted almost $7 Million in 2014 from Norwest Venture Partners.

Private Equity Giants Locked in a Race to Invest in CRMNEXT

Multiples Alternate Asset Management, the homegrown risk-capital investor, is also a possible investor, these people claimed, refusing to be named. It is not clear if Norwest, which possess 25–30% of CRMNEXT, will take part in the expected capital-lifting. CRMNEXT, operated and owned by Acidaes Solutions, is in the procedure of ramping up its group in the U.S., where it started operations in 2016, and considering making an entry in Australia and Europe over the upcoming 18–24 Months.

CEO of CRMNEXT, Nishant Singh, refused to reply. “We always witness a sturdy inbound interest from worldwide investors. On the other hand, as a policy we do not reply to the market rumors,” he claimed to the media in an interview. A representative for Warburg Pincus further claimed in an email reply that the company is not able to share opinions on contract-related queries. Country Head for TA, Dhiraj Poddar, also refused to comment. Mohan Kumar, the Executive Director of Norwest, claimed that the company does not reply on the capital-raising activities of our portfolio firms.

The Renuka Ramnath-established Multiples, and technology-aimed firm, Accel-KKR, which was founded as a partnership by the 2 marquee investment companies, did not replied to queries.

“CRMNEXT is one of the few bottomless companies to have emerged out of Asia. The firm is in no rush to lift funds given that it has always been money-spinning,” one of the people cited above claimed to the media in an interview.