Hexaware Technologies, financed by the Carlyle Group, has acquired Minneapolis-based data consultancy company Softcrylic. Hexaware withheld the deal's financial details, but the acquisition would strengthen the mid-tier IT Company’s strengths in data and analytics.

This comes shortly after reports surfaced that Carlyle Group was preparing to launch a $1 billion initial public offering (IPO) for Hexaware, three years after US-based private equity firm Baring Private Equity Asia acquired a nearly $3 billion interest in the IT company in 2021.

In November 2020, the then-promoter Baring delisted Hexaware from Indian stock exchanges before to Carlyle's takeover.

Girish Pai, global head, data and AI, Hexaware says, The acquisition of Softcrylic aligns perfectly with our vision of becoming a dominant preferred partner for our clients’ needs around customer and marketing analytics. Softcrylic’s deep data capability combined with their marketing analytics expertise will enable us to help our clients unlock the power of their data and drive tangible business outcomes.”

To strengthen its AI skills, the mid-tier IT company named Girish Pai, a former executive at Tredence and Infosys, as the worldwide head of its data and AI service line last year. At Rs. 10,380 crore in FY23, Hexaware's revenue increased 12.8 percent year over year. During the same period, its net profit increased by 12.7 percent year to Rs 997 crore. At the moment, the IT company employs approximately 30,000 people.

Many of the most well-known brands in the world are associated with Softcrylic in the areas of retail, financial services, food and beverage, travel and hospitality, sports, and media.

John Flavin, CEO, Softcrylic says, “We are confident that our combined expertise will create a powerhouse in the data consulting space.”