India-focused private equity firm ChrysCapital has acquired a 75% stake in Bengaluru-based ProHance Analytics, a workforce analytics platform. This is the firm’s first investment in the software-as-a-service sector, which it values at over $12 billion.
Founded in 2009 by Kishore Reddy and Rajesh Sharma, ProHance Analytics offers insights on employee and team performance and analyses productivity. The platform is used by 320,000 users in over 170 companies, including IT, global capability centres and BFSI clients in India and the US.
“Over the past four years, the company has demonstrated a 50%+ growth rate making it opportune for ChrysCapital to consider investing in a business with robust fundamentals,” the company said in a press statement.
The founders and existing senior leadership of ProHance will remain a part of the business post the acquisition, it added.
ChrysCapital made the investment from its $1.4-billion ninth fund, which it had raised last year. In 2023, the firm has so far made six deals and two acquisitions. Neither parties provided any financial details of the acquisition.