Everstone to acquire US-based CRM firm C3 for USD 150 mn

Leading private equity firm Everstone Group, along with Singapore-based Sunrise BPO, has agreed to acquire the US-based customer relationship management (CRM) solutions provider C3 (CustomerContactChannels) for around USD 150 million.
The acquisition, the first by India and South Asia- focussed Everstone in the US, is being done through Everise Services, a Singapore-based company held by Everstone, along with Sunrise BPO as a co-investor, Everstone said in a statement.
Though the company did not share the deal size, market sources told PTI that the deal was closed for USD 150 million for the Connecticut-based company.
They are acquiring 100 per cent shares held by Stone Point Capital, a private equity fund chaired by Stephen Friedman, who was a former chairman of Goldman Sachs, and also from the original promoters of C3.

Everise plans to more than double the revenue of C3, established in 2010, to USD 500-plus million over the next five years. It had reported a revenue of around USD 200 million in 2015. C3 is also present in the Philippines and Guatemala.
Under the agreement, Sunrise will lead the business operations apart from bringing in capital, while Everstone will be the largest investor and handle C3's India operations.
The new management appointed Sudhir Agarwal as the global CEO of C3.
This is Everstone's third investment through its latest private equity fund, ECP III, which raised USD 730 million last year, and the second investment in the ITeS-enabled space after it acquired Servion Global Solutions, which is into customer engagement management, in 2014.