BDA Advises on Acquisition of Cigniti Technologies by Coforge

New York, NY, May 29, 2024 --( BDA Partners is pleased to announce that its client, Coforge Ltd (NSE: COFORGE), a leading global Digital Services and IT Solutions company, has signed definitive agreements with the promoters and select public shareholders of Cigniti Technologies (NSE: CIGNITITEC), to acquire a majority stake.

Cigniti is a Digital Assurance and Digital Engineering Services company. Coforge has also launched an open offer to acquire an additional 26% stake in Cigniti.

Both companies are multinationals, with origins and stock market listings in India and have a senior leadership presence in the US and India with a sizeable revenue base in the US.

This acquisition will help Coforge to expand its capabilities across the Retail, Hi-Tech/ISV and Healthcare verticals and scale up its clientele presence across the Southwest, Midwest and Western US markets.

Manoj Balwani, Head of Technology, US & India, BDA Partners, said, “We’re delighted to play a significant role in this marquee transaction. Hearty congratulations to the Coforge leadership team as they embark on this highly synergistic journey. This is BDA’s tenth successful transaction in the US-India corridor in the last three years. It demonstrates our market leading share in the Tech Services M&A space, especially in the US and India regions, working alongside our strategic partner, William Blair.”

BDA Partners acted as the exclusive financial advisor on this transaction.

The transaction is expected to be completed in the coming months, subject to customary closing conditions and regulatory approvals.

BDA Deal Team
Manoj Balwani, Partner, Head of Technology US & India
Milap Maru, Director, Mumbai
Dhwani Desai, Associate, Mumbai
Jyotin Gagrani, Managing Director, Mumbai
Shubham Verma, Vice President, Mumbai

About Coforge Ltd
Coforge (NSE: COFORGE; BSE: 532541) is a global digital services and solutions provider, that leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients. A focus on select industries, a detailed understanding of the underlying processes of those industries, and partnerships with leading platforms, provides a distinct perspective. Coforge leads with its product engineering approach and leverages Cloud, Data, Integration and Automation technologies to transform client businesses into intelligent, high growth enterprises. Coforge’s proprietary platforms power critical business processes across its core verticals. The firm has a presence in 21 countries with 26 delivery centres across nine countries.

About Cigniti Technologies

Cigniti Technologies Limited (NSE: CIGNITITEC; BSE: 534758) is a leading AI & IP-led Digital Assurance and Digital Engineering Services Company. 4,200+ employees worldwide help Fortune 500 & Global 2000 enterprises across 25 countries accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership by providing transformation services leveraging IP and platform-led innovation with expertise across multiple verticals and domains. Their digital assurance and AI-led digital engineering services are helping global customers with measurable outcomes, millions of dollars of savings and significant ROI. Headquartered in Hyderabad, India, with offices spread across the USA, Canada, UK, UAE, Australia, South Africa, the Czech Republic and Singapore.

About BDA Partners
BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services, Sustainability and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.

BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with US$150bn of assets.

US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc, a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorized and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors.
BDA Partners
Euan Rellie