|$74 million sale of majority equity stake
|About the client:
|Ace2Three is a leading online skill based gaming platform in India, serving over 8 million customers
|About the transaction:
Sale of a majority equity stake in Head Infotech Pvt Ltd, the operator of Ace2Three.com, to funds managed by Clairvest Group Inc (TSX:CVG), a Toronto-based private equity house.
Akur Capital ran an extensive process to identify and deliver a successful exit for a majority of shareholders. Akur secured a 20x exit multiple for Matrix Partners India, one of its most successful investments to date.
The consideration of $74m represents one of the largest ever transactions in the online gaming space in India.
Deepak Gullapalli, Chief Executive of Head Infotech said: