Everstone acquires CRM solutions

Private equity firm Everstone Group acquire US-based global CRM solutions provider C3 (CustomerContactChannels) through its Singapore-based arm Everise Services, along with Sunrise BPO Private Limited as co-investor.

The deal was closed for $150 million for the Connecticut-based company.

C3, founded in 2010 is headquartered in the US. The company that has presence in Philippines and Guatemala earns around $200 million in revenues.

Everstone bought C3 from Stone Point, which was an investor in C3 through its private equity fund Trident V LP.

Stone Point Capital is a private equity firm that makes investments in businesses within the global financial services industry

Stone Point has raised and managed six private equity funds-the Trident Funds-with aggregate committed capital of approximately $13 billion. Stone Point Capital's investment activities are led by Charles A. Davis, Stephen Friedman-both have worked together for more than 20 years at Goldman, Sachs & Co.

Everise plans to more than double the revenue of C3, established in 2010, to $500-plus million over the next five years. It had reported a revenue of around $200 million in 2015.

As part of this strategy, Singapore-based Sunrise BPO Pvt. Ltd (Sunrise BPO), will take the leading role in operating the business, in addition to bringing capital. Everstone will be the largest financial investor and it will take the lead in C3's India operational buildout to grow the company.

Sudhir Agarwal, the founder of Sunrise BPO will become the chief executive officer at C3. The worldwide customer relationship management (CRM) software market rose 12.3 percent to $26.3 billion in 2015, according to research firm Gartner.

In 2014, Everstone acquired Servion Global Solutions, a leading Customer Engagement Management firm.