US based Technology Services provider, Computer Sciences Corporation (CSC) has acquired 100 percent stake in Hyderabad-based software testing company AppLabs for an undisclosed amount. This acquisition will also lead to the exit of PE investor Westbridge Group.
AZB & Partners advised AppLabs, the Promoters and the Westbridge Group with a team led by Partner Gautam Saha along with Senior Associate Heena Singh.
P&A Law Offices advised CSC with a team led by Partners Anand Pathak and Anil Kumar.
According to VCCircle, although CSC has not disclosed the financial details, it is buying the stake held by the founder Sashi Reddi and also by WestBridge Capital for Rs. 1,000 crore-Rs. 1,200 crore. WestBridge Capital, through WestBridge Ventures I and WestBridge Ventures II, had invested around $20 million in AppLabs across three rounds in 2004, 2006 and 2008. The venture fund, which has around 50 percent stake, is set to get Rs. 500 crore-Rs. 600 crore from the current transaction.
AppLabs has 2,500 test professionals, with a focus on verticals like financial services, insurance, technology, healthcare and life sciences, retail and travel. Its offshore delivery centre is in Hyderabad while the sales & delivery offices are located in London, Philadelphia (Pennsylvania) and Lindon (Utah).