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: 19-year operating history with a blue-chip base of 500+ enterprise customers across BFSI, manufacturing, and healthcare.
- Scalable Operations: 24×7 centralized SOC/NOC operations leveraging a cost-efficient India-based delivery model.
- High-Quality Revenue: Targeting ~60% recurring revenue by FY27E, driven by long-term managed services contracts.
- AI-Enabled Advantage: Proprietary framework that decouples headcount from revenue growth, materially reducing incident response times.
- Capital-Light Model: Services-led 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 |
24×7 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 $3.5-4 Billion by 2025, growing at an 18-20% CAGR.
- Growth Drivers: Fueled by cloud adoption, regulatory mandates (CERT-In), and rising digital threat exposure.
- Inorganic Opportunity: Significant “Buy-and-Build” potential in a highly fragmented regional market.
- Exit Pathway: Clear 3-4 year trajectory toward a strategic exit or sponsor-led IPO.
Transaction Overview
- The Deal: Sale of a controlling equity stake to a global strategic or financial partner.
- Continuity: Founder shareholders will remain post-close with a meaningful equity rollover to ensure leadership continuity and accelerate international growth.