Multiples’ $200m acquisition of QBurst signals major push in global digital product engineering

Multiples Alternate Asset Management has announced its largest control investment in technology services to date, securing a controlling stake in global digital product engineering company QBurst through an investment of approximately $200 million. This landmark deal positions Multiples to drive accelerated growth in the technology sector, leveraging QBurst’s strong global presence, innovative service offerings, and proven track record in delivering end-to-end digital solutions.

The acquisition marks a strategic move for Multiples, reflecting its growing focus on technology-driven businesses and digital product engineering. It also highlights the firm’s ambition to expand its influence in global technology markets through strategic tech acquisitions and partnerships that foster innovation and enterprise transformation.

Multiples’ Investment Strategy: A Focus on Technology Services Growth

Multiples Alternate Asset Management’s investment in QBurst aligns with its broader strategy of identifying high-growth companies in sectors undergoing significant digital transformation. According to Renuka Ramnath, Founder, Managing Director, and Chief Executive Officer of Multiples, the acquisition represents more than just a financial transaction—it is a strategic partnership designed to unlock QBurst’s full potential.

Ramnath noted that QBurst’s growth has been fueled by its commitment to cutting-edge engineering and a customer-centric approach, which has helped the company carve out a distinctive position in the competitive global market. Multiples plans to support QBurst’s next phase of growth by adding exceptional talent, investing in emerging technologies, and pursuing strategic tech acquisitions that complement its service portfolio.

While Multiples will hold a controlling stake, QBurst’s founders—Prathapan Sethu, Binu Dasappan, and Ansar Shihabudeen—will retain meaningful equity in the company. This structure ensures continuity in leadership and the preservation of QBurst’s core values, which have been instrumental in its evolution from a small startup into a global leader in digital product engineering.

QBurst’s Growth Story: From Startup to Global Technology Leader

Founded in 2004, QBurst has grown into a major player in the technology services industry, offering a comprehensive suite of digital solutions that span enterprise digitalisation, data analytics, cloud services, artificial intelligence, automation, DevOps, and digital marketing enablement. The company operates in 21 cities across 11 countries, including key markets in North America, Japan, the Middle East, Europe, and India, and employs over 3,000 professionals worldwide.

QBurst’s success can be attributed to its agile, customer-first approach and its ability to adapt to rapidly changing technological landscapes. The company’s expertise in digital product engineering enables it to deliver customised solutions that address the unique needs of businesses across diverse industries, from healthcare and finance to retail and manufacturing.

Prathapan Sethu, Co-founder of QBurst, expressed optimism about the new partnership with Multiples, describing it as a pivotal moment in the company’s growth journey. Sethu highlighted that while QBurst has already made significant strides in establishing itself as a global digital engineering powerhouse, the collaboration with Multiples will provide the strategic support needed to achieve even greater milestones in the years ahead.

Driving Innovation Through Strategic Tech Acquisitions

One of the key elements of Multiples’ growth strategy is its focus on strategic tech acquisitions, which play a critical role in expanding the capabilities and market reach of its portfolio companies. Manish Gaur, Managing Director and Head of Enterprise Technology at Multiples, emphasised that QBurst represents a differentiated technology services platform with strong end-to-end product development capabilities and a customer-centric approach to technical solutions.

Multiples’ track record in supporting technology-driven businesses is evident in its diverse portfolio, which includes companies such as Quantiphi (AI and data services), PeopleStrong (HR tech), MoEngage (customer engagement SaaS), Delhivery (logistics), Dream Sports, Acko (insurance tech), Licious (online meat delivery), and India Energy Exchange. The firm plans to deploy nearly $2 billion in the enterprise technology sector over the next five years, reflecting its long-term commitment to fostering technology services growth.

Gaur noted that the acquisition of QBurst is part of a broader effort to enhance Multiples’ presence in global technology markets, with a particular focus on the U.S. and other high-growth regions. By combining QBurst’s technical expertise with Multiples’ strategic guidance and financial backing, the partnership aims to accelerate innovation and create long-term value for stakeholders.

What’s Next for QBurst and Multiples?

With the backing of Multiples, QBurst is well-positioned to capitalise on new growth opportunities in the global technology landscape. The company’s focus will remain on delivering high-quality, customised digital solutions while expanding its capabilities in emerging areas such as artificial intelligence, data analytics, and cloud technologies.

The transaction, which is subject to regulatory approvals, is expected to be completed in the coming months. BDA Partners acted as the exclusive financial advisor to QBurst and its founders, with legal counsel provided by Shardul Amarchand Mangaldas & Co. and tax advisory support from EY. For Multiples, Anagram Partners served as the legal advisor, while EY also provided financial and tax advisory services.

As technology continues to reshape industries worldwide, partnerships like the one between Multiples and QBurst will be critical in driving innovation, enhancing digital capabilities, and supporting businesses in navigating the complexities of the digital era.