Mumbai, India and New York, February 19, 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced the listing of Hexaware Technologies Ltd (“Hexaware”), a leading global IT services company, on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India. Hexaware’s total IPO issue size of $1 billion marks it as the largest technology services IPO globally in over a decade. It is also the largest technology services IPO and largest sponsor-owned IPO in India.
Hexaware is a global technology and business process services company that specializes in AI-first solutions, and has over 31,000 employees across 54 offices in 28 countries. The company offers AI-powered platforms and enables enterprises worldwide to realize digital transformation at scale and speed by partnering with them to build, transform, run, and optimize their technology and business processes. It serves clients across the banking, financial services, capital markets, healthcare, insurance, manufacturing, retail, education, telecom, high-tech & professional services, travel, transportation, and logistics sectors.
Carlyle acquired Hexaware in 2021 through a global cross-platform deal by Carlyle Partners (CP) and Carlyle Asia Partners (CAP). Since then, Carlyle has leveraged its global network and expertise across the U.S. and India to help Hexaware’s management team drive revenue growth, margin expansion, and new customer relationships, while also strengthening its digital capabilities through both organic and inorganic initiatives.
“Hexaware’s IPO is the largest technology services IPO globally over the last decade and marks an important milestone in the company’s journey,” said Patrick McCarter, Co-Head of Global Technology at Carlyle. “This moment reflects the strength of its talented management team, customer centricity, superior growth profile and differentiated digital capabilities. It also highlights the collaboration across Carlyle’s global network, leveraging our expertise in both India and the U.S. to create value for stakeholders.”
Kapil Modi, Managing Director at Carlyle India Advisors, said: “Hexaware exemplifies how we seek to leverage our One Carlyle global network to help businesses scale and expand. We are proud to have partnered with Hexaware on its growth journey and congratulate its exceptional management team on this milestone. Carlyle remains committed to partnering with the Hexaware team as it continues to focus on client centricity and delivering differentiated value for its customers, and as it embarks on its next phase as a publicly traded company.”
“We thank Carlyle for their strong partnership, as well as their global relationships, network and expertise, which have helped us grow significantly over the past four years”, said R Srikrishna, CEO of Hexaware. “Listing on the public markets represents a significant step forward for Hexaware. This is an opportunity to deepen our relationships with stakeholders and reinforce our commitment to operating with transparency, accountability, and a focus on delivering meaningful solutions to our clients. We are excited about the road ahead.”
Carlyle’s buyout funds, including Carlyle Partners and Carlyle Asia Partners, have deep experience investing in the technology sector, and have invested over $38 billion of equity in over 290 deals globally as of 31 December 2024.
***
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Global Investment Solutions. With US$441 billion of assets under management as of December 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs over 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.
Media Contacts
Carlyle
Lonna Leong
+852 9023 1157
lonna.leong@carlyle.com
Brittany Berliner
+1 (212) 813-4839
brittany.berliner@carlyle.com
Adfactors PR
Manibalan Manoharan
Tel: +91 9833949919
E-mail: manibalan.manoharan@adfactorspr.com
