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PE-backed digital engineering services firms turn to M&A deals in search for scale
Private equity-backed digital engineering services (DES) firms have accelerated their shift towards higher valuations driven by acquisitions, according to a new report from Avendus Capital, estimating the number of companies with $100 million in revenue, currently around 100, to double in the next five to six years.
In the last two-three years, over 90% of companies under $100 million have scaled past $100 million in revenue, with firms such as Accion Labs, Thoughtfocus, Xoriant and (now acquired) Encora growing past $300 million in annual revenue. Larger ones such as Hexaware and Quest Global now operate at $1 billion to $2 billion revenue levels.
With a receptive market for IPOs and a significant expansion of the market for digital engineering services—beyond traditional software development to encompass cloud-native product engineering, software modernisation and embedded AI solutions, among others—PE-led firms are using inorganic growth routes to propel their growth and cash in on faster exit opportunities.
The overall DES market is projected to reach $550 billion by 2030, from $170 billion currently, as per the report.
“One way to increase revenue is organic growth, which the management will try. But how does one scale it? PE players are coming for a shorter investment cycle. They are not really here for 10 to 15 years, so they can't just wait on organic growth,” said Shobhit Jain, managing director and head of enterprise technology and services investment banking at Avendus Capital.
PE-backed platforms accounted for 42% of deal volume in 2025, compared with nearly 20% in 2021, the report highlighted.
“PE-backed players, over a period of time, have been a major buyer for small to mid-size tuck-in plays. That used to be done by large strategic listed players, which continues to be there, but a lot of momentum today is driven by PE-backed players as well,” Jain added.
From a product engineering perspective, what differentiates DES firms from other service providers is the nuanced and niche skill sets they possess, said Arindam Sen, GCC partner (tech) at EY India. “The sector is rapidly changing, particularly in the concept of ‘hardware', which has undergone dramatic changes over the last two to three years, as virtual/augmented reality and AI is in the mix. PE-backed firms can invest in and acquire those skill sets, leading to their scale,” he said.
For instance, ChrysCapital-owned Xoriant acquired TestDevLab, a Latvia-headquartered software quality engineering company, in November 2025, while EQT Capital-backed platform Virtusa acquired Bengaluru-based SmartSoC Solutions, a semiconductor engineering and integrated circuit design services company, in December 2025.
Encora, which was acquired by IT services firm Coforge in December 2025 in an over $2 billion stock deal, had made at least three acquisitions between 2023 and 2025.
The situation is essentially a win-win for both the mid-tier companies and the PE firms, noted Akshat Vaid, partner at US consultancy and research firm Everest Group. “While the firm gets access to the rest of the PE firm's portfolio companies (as customers/partnerships), the PE can enable growth for that mid-tier and at the same time consolidate spending from their portfolio,” he said.
However, beyond the access to portfolio companies, one still needs to make a compelling case, win business and deliver value, Vaid added.
Source: EconomicTimes
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