Altimetrik has signed an exclusivity agreement with SLK, according to the people cited. ET was first to report in February that a number of IT companies, including Mphasis, Hexaware Technologies and Altimetrik, were in the race to acquire SLK. Founded in 2000 and promoted by the Amin family, SLK Software (formerly SLK Digital) provides AI-driven technology solutions with a focus on intelligent automation and analytics.
Delivery Centres in 7 Countries
The company has delivery centres in seven countries, including India and the US, with clients in manufacturing, banking, insurance and financial services.
SLK is projected to report ebitda of about $40 million in FY25, said people aware of the financials. Its client roster includes Google Cloud, Microsoft, Oracle and Salesforce. SLK Software CEO Ajay Kumar and Altimetrik didn’t respond to queries. TPG last year acquired a 60% stake in Altimetrik from Indian-American tech entrepreneur Raj Vattikuti at a valuation of $1.5 billion (Rs 12,500 crore).
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Altimetrik employs over 6,000 professionals in 18 countries, with more than 80% of its workforce based in India. The company helps businesses implement digital transformation, according to its website. Altimetrik has offices in Pune, Chennai, Bengaluru, Hyderabad, Jaipur and Gurgaon. The company recently appointed Rajeev Jain, formerly executive vice president at LTIMindtree, as chief operating officer.
SLK’s India presence includes offices in Bengaluru and Pune besides Cincinnati and Chicago in the US. It also maintains operations in France, the Netherlands, Germany, the UK and Singapore. In 2021, SLK’s promoters sold a controlling stake in its BPM arm, SLK Global Solutions, to Coforge Ltd for Rs 920 crore. SLK primarily serves regional banks, manufacturers and energy sector clients in the US. As part of its global expansion, the company last year partnered with Grey matter Innovationz in Mexico to form GMI-SLK Mexico, strengthening its footprint in Latin America.
The digital engineering services (DES) sector is seeing heightened M&A activity driven by high-quality, globally distributed assets, rapid growth verticals, and intellectual property led business models, said a recent report by Avendus Capital. Private equity firms, responsible for over 50% of such deals in the past decade, are accelerating consolidation to build scalable platforms and unlock operational value. The global tech services industry recorded 216 transactions worth $334 billion between January 2013 and September 2024, with each deal exceeding $300 million in value.
Meanwhile, India’s software products market is projected to grow from $15 billion in FY23 to $44 billion by FY31, underscoring the expanding potential for tech investments.
