Warburg Pincus acquires stake in Everise

Private equity firm Warburg Pincus has acquired a stake in IT services firm Everise Holdings at a valuation of $1 billion, the companies said in a statement. While Everise’s majority owner Brookfield Asset Management will retain some of its stake, co-owner Everstone will exit as part of the transaction.

- Ranjani Raghavan

Brookfield had previously decided to sell a majority stake in Everise, but Tuesday’s statement did not specify whether Warburg indeed acquired a majority stake.

In 2016, Everstone, along with Sunrise BPO, acquired US-based business process outsourcing company C3 to create Everise. Everstone sold a majority stake in the business to Brookfield for approximately $450 million in 2020. Simultaneously, it bought a 20% stake in Everise through a different fund.

Tuesday’s transaction is subject to customary regulatory approvals and is expected to close by the end of 2023.