The investment marks ChrysCapital’s entry into the SaaS sector, as per a statement from the private equity firm. ProHance is a workplace analytics and operations management platform that provides insights to enterprise and small and mid-size business customers.
The ProHance application comprises a worktime module, asset optimisation module and an analytics module. The company, which has over 320,000 users in over 170 enterprises across 24 countries and clients based in India and the United States, was founded by Kishore Reddy and Rajesh Sharma in 2009.
The ChrysCapital statement said that from 2019 to 2023, ProHance has witnessed over 50% growth. Following the acquisition, ProHance aims to build on its success and plans to strategically expand into important markets such as the Philippines, Australia and South America.
The founders and existing senior leadership of ProHance will continue to be a part of the acquired unit. “We are excited to partner with ChrysCapital as it will empower us to accelerate our global expansion efforts and align seamlessly with our vision of becoming a market leader,” Ankur Dhingra, CEO, ProHance, said.
“Platforms like ProHance play a pivotal role in a hybrid workplace, seamlessly connecting and empowering teams to collaborate efficiently regardless of physical location. I have personally seen the benefits of ProHance having been one of their largest clients at prior organisations,” said Sanjay Jalona, operating partner, ChrysCapital Advisors.
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Founded in 1999, the ChrysCapital group manages $5 billion across nine funds. Its other investments in the technology space include Mphasis, HCL Technologies, Cyient and Infosys.