Head InfoTech India Pvt. Ltd, an operator of an online skill based gaming platform in India, received a US$73.7m investment.
Backers included Clairvest Group Inc. (TSX: CVG), which invested approximately US$40m, and limited partnerships controlled by it.
Led by Deepak Gullapalli, Founder and CEO, Head InfoTech operates Ace2Three, an online skill based gaming platform in India providing online Rummy experiences to over 8 million customers.
THE PRESS RELEASE
Clairvest Adds to Gaming Portfolio With a New Investment in Head InfoTech
TORONTO, ON–(Marketwired – April 28, 2017) – Clairvest Group Inc. (TSX: CVG) (“Clairvest”) today announces that it, together with limited partnerships controlled by it, made a US$73.7 million investment in Head InfoTech India Pvt. Ltd (“Head InfoTech” or the “Company”). Clairvest’s portion of the investment will be approximately US$40 million.
Head InfoTech operates Ace2Three, the leading online skill based gaming platform in India providing distinctive online Rummy experiences to over 8 million customers. The opportunity was originated through Clairvest’s extensive domain work in the global gaming industry.
“This is an exciting new platform that builds on Clairvest’s 15 years’ experience in the gaming industry and expands our track record into skill gaming. We look forward to supporting the Company achieve its growth plan and are especially excited to partner with Deepak Gullapalli, a visionary entrepreneur and innovator with a top-notch organization”, said Michael Wagman, Managing Director of Clairvest.
“The Ace2Three platform is about to embark upon an exciting growth trajectory. Clairvest brings much more than capital to this deal: it brings a wealth of experience in building companies of our size as well as expertise in the gaming space which makes Clairvest a valuable resource to the Company”, said Deepak Gullapalli, Founder and CEO of Head InfoTech.
Head InfoTech is Clairvest’s 48th platform investment and the fourth investment by CEP V. The Clairvest / CEP V co-investment pool is capitalized at $600 million and focuses on equity investments in growth companies.
Khaitan & Co acted as legal advisor to Clairvest.
Clairvest Group Inc. is a private equity management firm that invests its own capital, and that of third parties through the Clairvest Equity Partners limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.