French outsourcing behemoth Teleperformance was also among the bidders, reported Reuters citing unnamed sources.
Hexaware was founded by a Mumbai-based engineer Atul K Nishar in 1990. In 2013, Atul sold the IT provider to American equity firm Baring for US$420 million.
Under Barings’ watch, Hexaware grew exponentially, with the IT firm’s annual revenue exceeding US$845 million in 2020. Late last year, Barings took Hexaware private from the Bombay Stock Exchange and put the company up for sale.
Hexaware gets much of its revenue from the US, with its clients including the likes of Citi Bank, Freddie Mac, and Fannie Mae.
Today, it runs more than 37 delivery centers around the world, with automation and cloud being its main offerings. In fact, it was the first Indian IT services provider to add cloud to its offerings.
Hexaware has operations in three Latin American countries, including Mexico, Brazil, and Argentina. In Mexico, it has employed more than 600 people across three delivery centers.