Private equity giant ChrysCapital has announced it has acquired a 75 percent stake in software-as-a-service (SaaS) player ProHance Analytics, which provides workforce analytics and operations capabilities.
The investment marks ChrysCapital's entry into the growing Indian SaaS ecosystem, valued at over $12 billion. Indian SaaS has surpassed the global market growth with a market share of around 5 percent and is expected to reach an 8 percent market share by the calendar year 2027.
ProHance is a workplace analytics and operations management platform that provides insights to enterprise and small and medium business customers for smarter decisions in complex, distributed and hybrid workforces.
Founded by Kishore Reddy and Rajesh Sharma in 2009, the company has shown a growth rate of 50 percent, the company statement said. The company has more than 320,000 users in more than 170 enterprises in 24 countries.
With the acquisition of ChrysCapital, ProHance hopes to build on its success and plans to strategically expand into key markets such as the Philippines, Australia and South America. This industry is estimated to be worth over $4 billion.
ProHance's founders and existing senior leadership will remain an integral part of the company following the acquisition.
Ankur Dhingra, CEO of ProHance, said: “We are excited to partner with ChrysCapital as this will enable us to accelerate our global expansion efforts and seamlessly align with our vision to become a market leader. Our commitment to innovation, coupled with a dedicated team and robust solutions, has earned significant customer recognition and trust.”
Sanjay Jalona, operating partner at ChrysCapital Advisors, said: “ChrysCapital is excited to support ProHance, a company distinguished by its execution-focused leadership. Platforms like ProHance play a critical role in a hybrid workplace, seamlessly connecting teams connected and able to collaborate efficiently no matter what from the physical location. I have personally seen the benefits of ProHance, having been one of their largest customers at previous organizations.”
Rishabh Iyer, Vice President at ChrysCapital Advisors, said: “At ChrysCapital, we see tremendous potential in 'India for Global SaaS' given the large developer talent pool and higher cloud adoption across global enterprises.”