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Technology Holdings advises Digital Product Engineering company, Velotio Technologies, on its strategic sale to Blackstone portfolio company, R Systems

Seller Velotio Technologies
Buyer R Systems
Focus Sector Digital Product Engineering
Date July 2023

Technology Holdings is pleased to announce that it has acted as the exclusive financial advisor to Velotio Technologies, a leading product engineering and digital solutions company headquartered in India, on its strategic sale to R Systems, a portfolio company of Blackstone.

quote Technology Holdings ran a highly professional sale process for us - their attention to detail and thorough approach was very impressive! Throughout the process, we received honest and valuable advice, and the TH team managed and guided us through the complex deal negotiations with clarity of thought, meticulous planning, and vast deal experience. True to their word, they secured multiple offers for us, making it easier for us to select the ideal partner. R Systems and Blackstone align perfectly with the kind of partner we had envisioned when we embarked on this journey - thanks to Technology Holdings for making it happen!
Kalpak Shah Founder & CEO, Velotio
Chirag Jog Founder & CTO, Velotio

Blackstone is the largest private equity fund globally, managing $991 billion of capital. Founded in 2006, and with a team of over 300 engineers, Pune-based Velotio Technologies combines complex engineering, data expertise, cloud-native, and design capabilities to build innovative products for global customers, including NASDAQ-listed enterprises, and high-growth companies across Technology, Media, Healthcare, and Enterprise SaaS. Velotio is recognized as a ‘Top Software Development Company’ by Clutch and GoodFirms and has been certified as a Great Place to Work® for two consecutive years and named one of India’s Best Workplaces for Women.

R Systems is a leading digital product engineering company that designs and builds next-gen products, platforms, and digital experiences, empowering clients across various industries to overcome digital barriers, put their customers first, and achieve higher revenues and operational efficiency.

With the acquisition of Velotio, Blackstone will be able strengthen its product engineering portfolio and will help to consolidate R Systems’ position as a leading player in India’s digital solutions market and deepen its product engineering capabilities in the technology, media, and healthcare verticals and expand India delivery footprint to Pune. Co-founders of Velotio, Kalpak Shah and Chirag Jog, and the rest of the Velotio team, will join the combined business to drive its next phase of growth with their deep-rooted knowledge of building complex engineering solutions. The acquisition will help Velotio boost its engineering capabilities and accelerate next phase of growth.

Kalpak Shah (CEO and co-founder) and Chirag Jog (CTO and co-founder) echoed: “We are excited to join the R Systems family in this next phase of growth for Velotio, our employees, and our customers. R Systems is an established player in the industry with a strong management team, marquee customers, and a global presence, which will provide a platform for us to create value at a larger scale. With our culture of attracting and nurturing top talent in the latest technologies and R Systems’ extensive industry expertise and global presence, we are excellently positioned to help enable our customers on a strong growth trajectory. We also look forward to collaborating closely with Blackstone, one of the world’s leading investors, as we look to build a scaled and fast-growing digital product engineering company.”

Vivek Subramanyam, Founder and CEO of Technology Holdings said, “We are delighted to have advised Velotio on this transformational Digital Product Engineering transaction – our 31st Digital Transformation deal, reflecting our deep expertise in the space. Kalpak Shah and Chirag Jog have built an outstanding business focused on outsourced product development and digital engineering. Velotio’s capabilities and team are exceptional, and we wish them every success in this strategic partnership with R Systems.”

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