Our integrated global Enterprise Technology and Services (ET&S) team, which is spread across the US, Europe and India, allows us to act locally, while utilizing global relationships and best practices to enrich our solutions.
As a practice, we believe in building our thought leadership in this dynamic technology sector, through our deep and long-term relationships with relevant industry players, extensive transaction flow and regular publication of reports on emerging industry trends as well as on topical areas like cross-border taxation and structuring. With over 100 transactions in the sector, the firm has a global network of buyer and investor relationships in the US, Europe and Asia.
Sub-Sectors in Focus
Our mergers and acquisitions (M&A) advisory and private equity (PE) syndication services are recognized as amongst the best in these chosen sub-sectors.
- Digital transformation service
- Software product development for enterprises
- Cloud enablement
- Intellectual property led new generation solutions – IaaS, PaaS, SaaS
- Traditional technology services
- IT infrastructure management services
- Vertical specific IT solutions in BFSI and healthcare
Led By
Puneet Shivam
Managing Director, US, and Co-head, Enterprise Technology & Services
Puneet Shivam founded the Avendus US entity along with the founders in 2007 and currently co-heads the Enterprise Technology and Services (ET&S) vertical for Avendus’s investment banking business. He is based in the US. Puneet has over 17 years of experience in financial services and consulting. He has led multiple complex transactions across the US, Europe, and Asia in the past decade.
Prior to joining Avendus, Puneet was a Board Member and Head of Management Financial Services Consulting at Inductis, a boutique financial and management consulting firm which was successfully sold to EXL Service. He started his career at Morgan Stanley and has also worked at Andersen and Mitchell Madison Group.
Puneet holds an MBA degree from the IIM, Ahmedabad and has earned his Master's degree in engineering management from IIT, Kanpur. He is a frequent speaker on the topics of entrepreneurship and mergers and acquisitions (M&A) and is a guest lecturer at the Columbia Business School. He is licensed in the US by FINRA with Series 7, 24, 63 and 66 licenses.
Shobhit Jain
Managing Director and Co-head, Enterprise Technology and Services, Avendus Capital
Shobhit Jain is a seasoned Investment Banker with over two decades of expertise in strategic advisory. He currently serves as a Managing Director and co-heads the Enterprise Technology & Services practice at Avendus Capital.
Throughout his career, Shobhit has demonstrated proficiency in various aspects of Investment Banking, including M&A, strategic advisory, deal structuring, transaction sourcing and public & private financing for both domestic and cross-border transactions. He possesses deep knowledge across core and high-growth areas of IT services, such as digital engineering, analytics, cloud, as well as vertical-focused BPM areas such as Healthcare, BFSI and Insurance.
Shobhit has spearheaded landmark deals, including the merger-demerger of KPIT Technologies and Birlasoft to create two independently controlled listed entities, the sale of majority stake in SLK Global to Coforge, USD 50 million fund raised for TheMathCompany led by Brighton Park Capital, HIG Capital's majority stake in Navita Life Sciences and demerger of Mastek's insurance business into Majesco. He has also played a key role in advising Indian and multinational companies on various IPOs, QIPs, block deals, open offers, buybacks and delisting offers including iGate's delisting of Patni Computers.
Prior to joining Avendus Capital, Shobhit served as a Senior Vice President in the technology and media investment banking vertical at Kotak Investment Bank, contributing to the firm's success for over ten years.
He is a Chartered Accountant and has a Master’s degree in Commerce from Mumbai University.
Transactions
Reports
Decoding SaaS
India’s SaaS market is set to grow at 33% CAGR to USD 35 billion+, contributing ~7% to the global market. Our latest report unveils an 8-point framework to identify high-value SaaS companies, emphasizing revenue growth, profitability (Rule of 40), sales efficiency, client retention, and strong cash flow from subscription models.
Data Centres - A USD 25 Billion Market Opportunity Over The Next Decade
India's Data Centre industry is currently undergoing a massive disruption, led by long-term stable capital chasing both yield and growth returns and propelled by hyperscale tenancy and AI respectively. India is among the fastest-growing Data Centre markets globally and we estimate that it will grow at a CAGR of ~26% over the next 3 years to reach ~2,000 MW by December 2026. Our report aims to table the key drivers as the narrative for Data Centres in India unfolds.
Indian domestic formulations: An INR ~5.5 trillion market by 2034
The Indian DomForm market is expected to touch INR ~5.5 trillion by 2034, growing at a CAGR of 10%. Our report foresees some fundamental model shifts over the next decade, such as a gradual transition from a primarily doctor branded prescription model to an alternative marketing and channel mix. This will be aided by more stringent quality compliance, which would lead to a rationalisation of supply chains.
Tech Services: A Hotspot For Private Equity Investment
Private equity deals in the IT services sector have surged, tripling over the past decade to reach 229 deals in 2023. The sector's growth is driven by its resilience, high cash flow generation, and strategic focus on high-demand areas like Cloud, Analytics, DES, and Cybersecurity. With over 350 active PE investors and significant increases in deal values, IT services offer attractive exit opportunities and substantial returns, cementing their status as a premier choice for private equity investment.
Green Hydrogen: A ~USD 125 billion decarbonization opportunity
The Green Hydrogen value chain in India is expected to garner cumulative investments of ~USD 125 billion by 2030. This growth will be driven by rising sustainability focus, demonstrated commercial viability, ever-expanding use cases and a strong regulatory push. With India's ability to produce Green Hydrogen at a competitive cost, the first set of serious standalone and integrated participants have emerged and early-stage investment risks are likely to be short-lived as the sector is already at an inflection point.
Flex Workspaces: A USD 9 Bn Market Opportunity By 2028
The commercial real estate market in India is witnessing massive disruption, led by Flex Workspaces. The sector has more than doubled from 29.3 mn sqft in 2019 to 61 mn sqft in 2023 – making India the fastest-growing Flex Workspace market globally. It is estimated to grow up to 126 million sqft at a 15% CAGR, addressing a USD 9 billion market by 2028. Sectors like IT & ITeS, BFSI, consulting, e-commerce, manufacturing, and new-age startups, along with the continuous influx of global captive centers are driving this demand.