**Multiples Acquires Controlling Stake in QBurst for $200 Million**
Multiples, an alternative asset management firm, has secured a controlling stake in software development company QBurst for approximately $200 million, marking its largest investment in the technology services sector to date. Founded in 2004 by Prathapan Sethu, Binu Dasappan, and Ansar Shihabudeen, QBurst specializes in a wide range of digital solutions, including digital marketing, cloud consulting, data analytics, artificial intelligence, and machine learning. The company boasts a workforce of over 3,000 employees across 21 cities in 11 countries.
Renuka Ramnath, founder, managing director, and CEO of Multiples, indicated that this acquisition signifies the start of significant transactions for the firm. While the exact stake acquired by Multiples remains unspecified, the founders of QBurst are expected to remain involved in the company.
Multiples is shifting its strategy to concentrate on the enterprise technology sector, with plans to invest nearly $2 billion in this area over the next five years. The firm is particularly interested in high-growth opportunities within technology services and software-as-a-service companies, especially those operating in the India-US corridor. Additionally, Multiples aims to support vertical-specific business process outsourcing ventures in sectors like healthcare and financial services.
The Mumbai-based firm is also anticipated to launch a continuation fund valued between $300 million and $400 million to further support its investments in Vastu Housing Finance, APAC Financial Services Pvt Ltd, and Quantiphi. Its previous fund, Fund IV, closed in 2023 at $640 million. Despite the evolving landscape for technology startups, Multiples remains optimistic about its investment strategy.
