This is a leading cybersecurity and managed services partner (VAR) with a 19-year legacy. The company has successfully evolved from a project-based systems integrator into a recurring-revenue "MSP 3.0" leader, perfectly positioned to capture the high-growth Indian enterprise security market.
Investment Highlights
- Established Pedigree: 19year operating history with a bluechip base of 500+ enterprise customers across BFSI, manufacturing, and healthcare.
- Scalable Operations: 24x7 centralized SOC/NOC operations leveraging a costefficient Indiabased delivery model.
- HighQuality Revenue: Targeting ~60% recurring revenue by FY27E, driven by longterm managed services contracts.
- AIEnabled Advantage: Proprietary framework that decouples headcount from revenue growth, materially reducing incident response times.
- CapitalLight Model: Servicesled cash flow profile with minimal capital expenditure requirements.
Core Operating Engines
Engine
Focus Area
Value Proposition
DTS
Digital Transformation
Infrastructure modernization and hybrid cloud entry points.
CNS
Cybersecurity & Networking
Compliance-driven security and non-discretionary spend.
MSP 3.0
Managed Services
24x7 SOC/NOC operations delivering high-margin recurring revenue.
AI Framework
Automation
Embedded analytics reducing costs and increasing operating leverage.
Financial Highlights (Management Discussion)
Project Pi maintains a consistent growth trajectory with significant margin expansion potential through automation and service mix shift.
Metric
FY24A
FY25A
FY26E
FY27E
Revenue (USD Equiv.)
~ $29M
~ $33M
~ $38M
~ $44M
Revenue CAGR
~ 15%
Pure Services GM %
35-40%
35-40%
36-41%
37-42%
Adj. EBITDA Margin %
6.9%
7.8%
7.0%
7.5%
Recurring Rev. %
42%
50%
55%
60%
Strategic Note: The blended gross margin (~13-14%) includes hardware/software pass-through. The core services engine delivers high-value margins aligned with top-tier India IT benchmarks.
Market Context & Strategic Value
- Market Tailwinds: The Indian cybersecurity market is projected to reach $3.54 Billion by 2025, growing at an 1820% CAGR.
- Growth Drivers: Fueled by cloud adoption, regulatory mandates (CERTIn), and rising digital threat exposure.
- Inorganic Opportunity: Significant "BuyandBuild" potential in a highly fragmented regional market.
- Exit Pathway: Clear 34 year trajectory toward a strategic exit or sponsorled IPO.
Transaction Overview
- The Deal: Sale of a controlling equity stake to a global strategic or financial partner.
- Continuity: Founder shareholders will remain postclose with a meaningful equity rollover to ensure leadership continuity and accelerate international growth.
Currency: USD
Target Price / Revenue: 1.78x
Target Price / EBITDA: 25.38x
