Singapore, 2 December 2010. QuEST Global Services Pte Ltd, a leading provider of outsourced engineering services, and Warburg Pincus, a leading private equity firm, today announced that they have entered into an investment agreement.
Under the terms of this agreement, Warburg Pincus will invest about US$ 75 million in QuEST Global Services in exchange for a minority ownership stake. This investment reflects Warburg Pincus’ core philosophy of partnering with talented management teams leading differentiated businesses.
QuEST Global Services is ranked by the industry-standard Black Book of Outsourcing as the no. 1 provider of outsourced engineering services in the world. The company has over 2000 employees and delivery centers in India, USA, Italy, Japan, Germany, France, Spain and UK. It services customers in aerospace and defense, aero engines, power generation, oil & gas and industrial products, and specializes in establishing dedicated low cost engineering centers for global engineering majors.
Commenting on the investment, Ajit Prabhu, CEO, QuEST Global Services, said: “We are delighted to be working with Warburg Pincus, a firm with significant experience of investing in technology and technology-enabled service providers. Through this investment we plan to fund our infrastructure development and invest in strengthening our core business to expand growing needs of our customers.”
Commenting on the investment, Vishal Mahadevia, Managing Director, Warburg Pincus India Pvt Ltd said: “Over a period of 14 years QuEST has established a strong position in the engineering services space. Co-founders Aravind Melligeri and Ajit Prabhu have established a business located across 12 global delivery centers. Their strong commitment towards quality and focus on customer service has helped them emerge as a preferred partner to several blue-chip organizations. Warburg Pincus looks forward to working in close partnership with the QuEST Global team to further strengthen the company’s position as a leading provider of engineering services.”
Bank of America Merrill Lynch was the banker to the issue.
About QuEST Global Services
QuEST Global Services is a leading provider of outsourced engineering services with over 2000 employees and operations across USA, Europe and Asia. For more information, please visit questenstg.wpengine.com.
About QuEST Global
We are Quest Global. We’re in the business of engineering, but what we’re really building is a brighter future. It’s not just what we do, but why we do it that makes us different. We believe engineering has the unique opportunity to solve the problems of today that stand in the way of tomorrow. For 25 years, we have strived to be the most trusted partner for the world’s hardest engineering problems. As a global organization headquartered in Singapore, we live and work in 17 countries, with 56 global delivery centers & offices, driven by 14,000+ extraordinary employees who make the impossible possible every day. Quest Global brings deep industry knowledge and digital expertise to deliver end-to-end global product engineering services. We bring together technologies and industries alongside the contributions of diverse individuals and their areas of expertise to solve problems better, faster. This multi-dimensional approach enables us to solve the most important and large-scale challenges across the Aerospace & Defense, Automotive, Energy, Hi-Tech, Healthcare, Medical Devices, Rail and Semi-conductor industries.
Anubhuti Agarwal: [email protected]