Multiples buys control of AI-focused QBurst

PE firm picks majority stake for $200 mn in its biggest tech services bet

- Rwit Ghosh

Multiples, an alternative asset management company, has acquired a controlling stake in software development company QBurst for around $200 million, marking its largest investment in the technology services space so far.

The acquisition of QBurst marks the beginning of such large-scale transactions for Multiples founder, managing director, and CEO Renuka Ramnath said in a statement. While it is unclear exactly how much of a stake Multiples PE has in the software company, founders Prathapan Sethu, Binu Dasappan and Ansar Shihabudeen are expected to continue to stay on.