Investcorp’s NSEIT rebrands to NuSummit, to increase focus on global markets

Bengaluru: Investcorp-backed NSEIT, which provides digital and cybersecurity solutions, will rebrand to NuSummit and will pivot to focus extensively on global markets, according to the company’s top executive.

“The journey forward lies in expanding our presence in global markets where we are aggressively investing more into our offerings,” Anantharaman Sreenivasan, managing director & group CEO, NuSummit, told Mint. “We are looking to pivot in a very big way into becoming a globally relevant niche domain centric entity that has cutting edge technology solutions across cybersecurity, digital and cloud.”

The development comes after Bahrain-based Investcorp acquired the National Stock Exchange’s digital services business for ₹1,000 crore in April. The transaction was its largest private equity deal in India, signalling its ambition to double down on the country’s information technology and cybersecurity space. However, the deal excludes the examinations business that is also housed inside NSEIT.

“We will be closely working with the NuSummit team as they explore newer geographies offering innovative and tailored solutions to modernize their IT landscapes, with a focus on tangible business outcomes,” said Varun Laul, partner at Investcorp.

Over the last eight months, Investcorp has invested about $25-30 million to fund NuSummit’s expansion plans. The company has used the proceeds towards building its capabilities in the North American region, which it sees to become one of its biggest revenue contributors in the future.

Currently, the company receives nearly a third of its revenues from North America while India continues to be its dominant (about 60%) market. Investcorp may invest additional capital as the company penetrates deeper into North America and other international markets.

Growth accelerator

“I think North America in many ways is going to accelerate growth for us as we are making significant investments there. We also have a footprint in Western Europe and are actively looking at the APAC region,” Sreenivasan said. “As we will be pivoting more towards global markets, we also expect the revenue composition to change.”

“We are constantly on the lookout for the right entities to kind of bolster and complement what’s already going well for us. So we will infuse more capital in these specific areas over a period of time,” Sreenivasan said, adding that the company expects to scale to $400 million in revenue over the next 3-4 years with part of this coming through acquisitions.

NuSummit has also invested in generative artificial intelligence and aims to use technology as a business differentiator to service its vast clientele that spans capital markets, insurance, banking and other industries. The company will leverage Investcorp’s global connections and NSEIT’s strong presence in India, North America and the Middle East to further deepen its offerings.

Investcorp manages about $50 billion in assets globally but has less than 2% of its total assets under management in India. However, it aims to double down on the market and take it to $5 billion AUM over the next five years. The investment firm has backed several IT services firms globally, including the Netherlands-based Netrom Software and the UK’s Ubisense.