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<ul><li>Global investment giant <keyword id="6354544" type="General" weightage="80" keywordseo="kkr" source="Orion">KKR</keyword> has announced it is acquiring <keyword id="40022" type="General" weightage="100" keywordseo="ness" source="Orion">Ness</keyword> Digital Engineering.</li><li>Ness is an end-to-end digital services transformation company.</li><li>The terms of the transaction have not been revealed.</li></ul><keyword id="150061" type="General" weightage="50" keywordseo="kohlberg-kravis-roberts" source="Orion">Kohlberg Kravis Roberts</keyword> (KKR), the popular global investment giant, has announced that it has signed definitive agreements to acquire Ness Digital Engineering from The <keyword id="1855697" type="General" weightage="50" keywordseo="rohatyn-group" source="Orion">Rohatyn Group</keyword>. Ness Digital Engineering is a New Jersey-based end-to-end digital services transformation company. Ness specializes in building digital software products and platforms. The company helps organizations to build and evolve their digital platforms to enter new markets, capture new revenue and gain operational efficiencies. KKR has invested in its Asian Fund IV. Additional terms of the transaction have not been revealed and are subject to customary closing conditions. “Digital transformation and adoption is a critical strategy for businesses of all sizes worldwide. Against this backdrop, KKR believes that Ness is well-positioned for growth, supported by its exceptional, experience-led product engineering heritage,” said Gaurav Trehan, chief executive officer of <keyword id="355108" type="General" weightage="50" keywordseo="kkr-india" source="Orion">KKR India</keyword>. “KKR is pleased to invest in Ness’ capabilities and looks forward to working alongside its talented team to further scale Ness’ digital-first platform, achieve its global ambitions, and better enable its customers to compete in the digital economy,” Trehan added. Ness is not the first technology investment by KKR. The company has already invested in several technology companies like Cloudera, an enterprise-grade hybrid data management software, <keyword id="14926663" type="General" weightage="50" keywordseo="yayoi" source="Orion">Yayoi</keyword>, a software developer, MYOB, an online business management company, and more. The company had also <a href="https://www.businessinsider.in/business/corporates/news/how-much-stake-of-reliance-meta-google-kkr-and-others-have-in-jio-platforms/slidelist/92539840.cms">invested</a> $1.5 billion in Mukesh Ambani-led Reliance Jio. “We are thrilled to welcome an investor of KKR’s caliber in Ness. We believe this transaction will help us turbocharge our growth plans and further strengthen our competitive market position,” said Ranjit Tinaikar, chief executive officer of Ness Digital Engineering. “We look forward to leveraging KKR’s global platform and strong investment and operational expertise to deliver more innovative solutions to help our customers keep up with the pace of digitalization required by the accelerated online economy,” Tinaikar added. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/indias-it-giants-are-worried-about-moonlighting-employees-sharing-their-corporate-secrets/articleshow/95077652.cms">India’s IT giants are worried about moonlighting employees sharing their corporate secrets</a> <a href="https://www.businessinsider.in/tech/news/the-1338-crore-fine-is-just-the-tip-of-the-iceberg-as-cci-orders-google-to-take-several-measures-to-curb-its-anti-competitive-behavior/articleshow/95012606.cms">The ₹1,338 crore fine is just the tip of the iceberg as CCI orders Google to take several measures to curb its anti-competitive behavior</a> <a href="https://www.businessinsider.in/tech/enterprise/news/after-a-credit-card-apple-launches-savings-account-service-in-partnership-with-goldman-sachsheres-what-it-means/articleshow/94852629.cms">After a credit card, Apple launches savings account service in partnership with Goldman Sachs — here’s what it means</a>

KKR to acquire digital services transformation company Ness Digital Engineering

<ul><li>This is the first time the institute has secured 100 per cent placement for a batch this big in its 38-year history.</li><li>The highest package offered during the drive was ₹ 3.5 lakh per month.</li><li>The average and median stipends offered to students were ₹ 1.41 lakh per month and ₹ 1.5 lakh per month. </li></ul> The Indian Institute of Management, <keyword id="6355192" type="General" weightage="50" keywordseo="lucknow" source="Orion">Lucknow</keyword> (IIM-L) has scored 100 per cent placement in its summer placement drive. The drive -- held for the 38th batch of <keyword id="473399" type="General" weightage="50" keywordseo="post-graduate-programme-in-management" source="Orion">Post Graduate Programme in Management</keyword> and 19th batch of PG Programme in Food and Agri-Business Management -- saw 566 students getting a total of 570 offers. This is the first time the institute has secured 100 per cent placement for a batch this big in its 38-year history. According to a press release issued by IIM-L, the highest package offered during the drive was ₹ 3.5 lakh per month. The average and median stipends offered to students were ₹1.41 lakh per month and ₹ 1.5 lakh per month, respectively. This is also the highest-ever in IIM-L's history, added the communique. Students secured offers in varied fields -- including consulting, finance, general management, IT &amp; analytics, sales and marketing, operations and retail e-commerce -- from top recruiters across the globe. During the drive, several major companies came to hire IIM-L students for the first time. These included -- Alkem Laboratories, Berger Paints, Bharat Serums &amp; Vaccines, Big Basket, Castrol, CK Birla, DSP Investment Managers, GEF Capital Partners, <keyword id="720079" type="General" weightage="50" keywordseo="ivycap-ventures" source="Orion">IvyCap Ventures</keyword>, <keyword id="1196648" type="General" weightage="50" keywordseo="lincoln-international" source="Orion">Lincoln International</keyword>, L'oreal, Ninjacart, Redseer Consulting, SBI Capital, Sony Pictures, The <keyword id="1855697" type="General" weightage="50" keywordseo="rohatyn-group" source="Orion">Rohatyn Group</keyword>, <keyword id="4053635" type="General" weightage="80" keywordseo="transunion-cibil" source="Orion">Transunion Cibil</keyword>, and <keyword id="5921903" type="General" weightage="80" keywordseo="whiteboard-capital" source="Orion">Whiteboard Capital</keyword>. Meanwhile, several other companies that have recruited from the institute earlier as well also participated in the drive. These included -- Accenture, Aditya Birla Group, Adobe, Alvarez &amp; Marsal, Amazon, Arthur D. Little, Atlassian, <keyword id="6429146" type="General" weightage="80" keywordseo="avendus-capital" source="Orion">Avendus Capital</keyword>, Bain &amp; Company, Boston Consulting Group, Citi Group, Colgate-Palmolive and Deloitte. "Despite the current state of economy, the placement drive was made a huge success by the relentless support of recruiters and placement teams, making it the best placements with more than 185+ recruiters participating in the process," said the IIM-L release SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gautam-adani-and-mukesh-ambani-dominate-the-india-rich-list-with-the-gap-between-them-the-rest-of-india-inc-being-a-very-large-one/articleshow/94751112.cms">Gautam Adani and Mukesh Ambani - dominate the India rich list with the gap between them the rest of India Inc being a very large one</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/apple-to-declare-iphone-5c-obsolete-by-next-month/articleshow/94750969.cms">Apple to declare iPhone 5c 'obsolete' by next month</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/1000-ev-charging-stations-to-be-set-up-in-delhi-in-a-year-govt/articleshow/94742229.cms">1,000 EV charging stations to be set up in Delhi in a year: govt</a>

IIM-L scores 100% placement

Surpassing several global banks, financial services companies and big private equity peers, <keyword id="6402698" type="COMPANY" weightage="80" keywordseo="Warburg-Pincus">Warburg Pincus</keyword> and <keyword id="6375561" type="COMPANY" weightage="80" keywordseo="General-Atlantic">General Atlantic</keyword> would jointly take over leading brokerage <keyword id="100578" type="COMPANY" weightage="80" keywordseo="Sharekhan">Sharekhan</keyword> after months of negotiations and competitive bidding. This would be among the biggest such acquisitions in the industry. 
 
The Warburg-General Atlantic combine has emerged as the frontrunner to buy the company for a valuation of Rs 2,300-2,400 crore. The interest in a brokerage firm, after a gap of over six years, coincides with the gradual upswing in India's equity markets. 
 Late last year, Citi <keyword id="6357097" type="COMPANY" weightage="60" keywordseo="venture-capital">Venture Capital</keyword> International (CVCI), the majority owner of Sharekhan, had mandated Citi to find a buyer. Citigroup had sold its $4.3 billion emerging markets private equity fund CVCI to New York-based <keyword id="1855697" type="UNKNOWN" weightage="80" keywordseo="Rohatyn-Group">Rohatyn Group</keyword> in 2013 to comply with US rules. CVCI owns 60% of the company. Other shareholders are Baring Asia Private Equity (14%), IDFC (10%) and Samara Capital (5%), with the balance held by Sharekhan employees. 
 <keyword id="87153" type="CITY" weightage="80" keywordseo="BNP-Paribas">BNP Paribas</keyword> was the second-highest bidder for the asset. "Warburg-GA combine and BNP Paribas have emerged as the most aggressive candidates. But between the two, the former has the edge. The final leg of negotiations is ongoing," a person who's directly involved in the matter told the Economic Times. 
 
If the deal goes ahead, General Atlantic will be reinvesting in Sharekhan, having exited in 2007. While there wasn't much difference among the top three financial bids, the private equity consortium's agreement terms, turnaround plan, familiarity with the team and their operation and global successes in the same field is believed to have gone in its favour. 
 
Sharekhan has a net worth of Rs 1,300 crore and has been valued at 1.7 times this. In dollar terms, CVCI would make a twofold return on its investment with the dollar having been at 40 rupees at the time of its stake purchase, going by this estimate. 
 
A Warburg Pincus spokesperson told ET: "The firm is bound by internal operational policies, which does not allow discussion of its investment activities." 
 Warburg and General Atlantic, among the earliest private equity firms to enter India, have historically taken big bets on the Indian financial services space with investments in stock exchanges to brokerages, non-banking finance companies (NBFCs) and banks. These include HDFC, Kotak Mahindra Bank, IndusInd, the <keyword id="53581" type="CITY" weightage="80" keywordseo="NATIONAL-STOCK-EXCHANGE">National Stock Exchange</keyword> and AU Financiers among others. 
 Globally, Warburg and General Atlantic have teamed up to helm a financial services platform. In 2013, the two carved out the asset management platform of <keyword id="64259" type="CITY" weightage="80" keywordseo="Banco-Santander">Banco Santander</keyword> into an independent company and took control of it. This operates in 11 countries in Latin America and Europe with products distributed through Banco Santander's network of over 14,000 branches. 
 Warburg bought <keyword id="248826" type="COMPANY" weightage="80" keywordseo="Future-Capital-Holdings">Future Capital Holdings</keyword> in 2012 from Kishore Biyani, its first buyout in the space, renaming it Capital First. Last year was Warburg's most active in India, investing $413 million in seven companies. 
 Meanwhile, Sharekhan is India's third-largest brokerage firm after <keyword id="114298" type="COMPANY" weightage="80" keywordseo="ICICI-Direct">ICICI Direct</keyword> and <keyword id="103838" type="CITY" weightage="80" keywordseo="HDFC-Securities">HDFC Securities</keyword> in terms of the client base. The Mumbai-based firm has 160 branches and 13 lakh retail investors, while ICICI Direct and HDFC Securities have 30 lakh and 17-18 lakh, respectively. Sharekhan made a profit of Rs 175 crore in FY15, up from Rs 102 crore in FY14 and Rs 112 crore in FY13. 
 
(Image: Indiatimes)

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