Accion Labs sale kicks off; TA Associates, True North eye $1 billion valuation
'The preliminary diligence process is expected to start in the coming weeks and about 20 NDAs (non-disclosure agreements) have been signed," one of the people cited above said.
A second person said that the deal is in its initial stages and the information memorandums–the official launch of a deal where details are shared with prospective buyers–were sent out recently. 'The interested parties will begin engaging in early August after which the due diligence process will start," this person added.
JP Morgan and Avendus declined to comment. Accion Labs, True North and TA Associates did not immediately respond to Mint's requests for comment.
The development marks a significant milestone for the fast-growing tech services company founded by entrepreneur Kinesh Doshi, as it draws interest from global buyers amid sustained demand for next-gen digital engineering capabilities even in a potential recessionary period.
According to a report last year from management and strategy consulting firm Zinnov, the global market size for digital engineering products and services stood at $1.03 trillion as of October 2024 and is expected to grow at a compounded annual growth rate of 13% over the next three years.
In March 2020, Boston-headquartered TA Associates had leveraged its India pool of capital to pick up a stake in Accion Labs, along with Basil Technology Partners, a Singapore-based specialist technology investor.
Two years later, homegrown private equity fund True North, along with some co-investors, picked up a significant minority stake worth $93 million from TA Associates and other shareholders through its Indium VI fund. At the time of the investment, True North highlighted that it aims to invest up to 30% of funds that it manages or advises in tech and digital businesses.
To be sure, TA Associates continues to be the majority shareholder in the company.
Founded in 2011, Accion Labs focuses on providing digital transformation consulting and services to global enterprises and technology firms. Its client base includes software product firms, e-SaaS firms, e-commerce organizations and e-business organizations.
Its offerings range from digital consulting and data to machine learning engineering and automation. The company has more than 4,800 employees globally, spread over 20 locations within the US, Canada, the UK and Asia-Pacific.
Accion Labs also has a significant presence in India through strategic partnerships and development centres that contribute to its global revenues.
It has strategic partnerships with Pune, India-based e-Zest Solutions, a digital innovations company, and Micro Focus, which has a significant India presence.
Within the APAC region, Accion Labs has development centres and offices in Dubai, Mumbai, Pune, Hyderabad, Bangalore, Goa, Singapore, Kuala Lumpur, Manila and Bangkok.
Some of its top competitors include UST, Happiest Minds and Endava, as per data from market intelligence provider Tracxn.
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Avalon Technologies Ltd-Bagadia recommends buying Avalon Technologies at around ₹ 955, keeping Stoploss at ₹ 918 for a target price of ₹ 1015 AVALON is currently positioned at ₹ 955 levels and witnessed a spectacular rally in today's session. This marks a decisive breakout from a prolonged consolidation zone, suggesting the return of bullish momentum in the counter. The stock formed a strong bullish candle on the daily chart, with minimal upper wick—indicating buying strength throughout the session. 2. Kajaria Ceramics Ltd—Bagadia recommends buying KAJARIACER at around ₹ 1263, keeping Stoploss at ₹ 1220 for a target price of ₹ 1350 KAJARIACER, currently trading at 1263, delivered a sharp upward breakout in today's session. LUMAXTECH has delivered a strong bullish candle after a few sessions of consolidation, indicating renewed buying interest near the short-term support levels. This marks a breakout from a recent range of 1,150–1,212. 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With the RSI recovering from the oversold zone, there is much upside potential visible to carry on with the positive move. With the chart technically looking good, we suggest buying the stock. Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
