Hexaware Technologies Acquires Data Consulting Firm Softcrylic

Hexaware Technologies, backed by Carlyle Group, has announced the acquisition of Softcrylic, a data consulting firm based in Minneapolis. The financial details of the transaction were not disclosed. 

The mid-tier IT firm expects this acquisition to enhance its data and analytics capabilities, according to a recent company statement.

Softcrylic, known for its expertise in complex data challenges and marketing analytics, is expected to complement Hexaware's strategic vision to become a leading partner in customer and marketing analytics. 

“The acquisition of Softcrylic aligns perfectly with our vision of becoming a dominant preferred partner for our clients’ needs around customer and marketing analytics," said Girish Pai, global head, data and AI at Hexaware. “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.”

The acquisition is advised by global investment bank Canaccord Genuity, which played a crucial role in facilitating the transaction on behalf of Softcrylic. John Flavin, CEO of Softcrylic, expressed confidence that the merger of the two companies’ expertise would create a powerhouse in the data consulting space.

This strategic move comes as Carlyle Group is reportedly preparing for a USD 1 billion IPO for Hexaware, three years after acquiring a stake in the IT firm for nearly USD 3 billion. Hexaware has seen a growth in revenue and net profit, with FY23 revenues at Rs 10,380 crore, a 12.8 per cent increase from the previous year, and net profits up by 12.7 per cent at Rs 997 crore.