Mumbai, Dec 7 (PTI) India-focused private equity fund Chryscapital has bought a 75 per cent stake in software-as-a-service (Saas) firm Prohance for an undisclosed sum, according to a statement.

Chryscapital had to consider investment in the company as it logged 50 per cent yearly growth over the last four years, the statement said on Thursday.

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The statement said the Saas industry is a USD 12 billion opportunity, of which 5 per cent is with Indian players, and added that the same is set to reach 8 per cent by 2027.

Founded in 2009, Prohance is a workplace analytics and operations management platform that provides insights to enterprise and small and midsize business customers for smarter decisions in complex, distributed, and hybrid workforces, it said.

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Founders and existing senior leadership of Prohance will remain an integral part of the business post the acquisition as well, it added.

The company is looking to expand into the Philippines, Australia, and South America going forward.

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