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- Quest Global
Quest Global Acquisition, Valuation, Funding & Investors
Quest Global was acquired by Hillhouse Investment for $4.5B in February 2026.
Quest Global acquisition price
$4.5B
Acquired by Hillhouse Investment · Feb 2026
Quest Global revenue
$598M
Undisclosed stage · Aug 2021
Cumulative funding Quest Global raised
$650M
across 2 funding rounds
Key investors in Quest Global
Bain Capital
GIC
Carlyle Group
Advent International
ChrysCapital
True North
About Quest Global
Quest Global is a Singapore-headquartered engineering services provider supporting product design, manufacturing, and digital engineering for aerospace, automotive, and medical device industries. With delivery centers in India, the United States, and Europe, it serves clients like Rolls-Royce, GE Aviation, and Siemens through PLM software expertise and simulation tools.
Founded
1997
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Services
Revenue
$598M (Aug 2021)
Valuation
$1.8B (Aug 2023)
Sectors
Quest Global Acquisition
Quest Global was acquired by Hillhouse Investment for $4.5B on 23 February 2026.
Before the acquisition Quest Global had raised $650M across 2 funding rounds.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 23 Feb 2026 | PE buyout | $4.5B |
Quest Global Valuation
Quest Global is currently valued at $1.8B, based on its undisclosed-stage round in August 2023.
The $500M round was led by Carlyle Group.
Quest Global's valuation has grown 1.8x from $1B at its secondary sale in February 2016 to $1.8B in August 2023, across 3 priced rounds.
Quest Global valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Aug 2023 | Undisclosed stage | $1.8B | - |
| Aug 2021 | Undisclosed stage | $1.8B | 3.0x |
| Feb 2016 | Secondary | $1B | 2.6x |
Quest Global Revenue
Quest Global's latest recorded revenue is $598M, as of its undisclosed-stage round in August 2021. At a $1.8B valuation, that implies a 3.0x revenue multiple.
Revenue grew from $385M in February 2016 to $598M in August 2021, while the revenue multiple moved from 2.6x to 3.0x.
Quest Global revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Aug 2021 | $598M | $1.8B | 3.0x | Undisclosed stage |
| Feb 2016 | $385M | $1B | 2.6x | Secondary |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Quest Global Funding History
Quest Global has raised a total of $650M across 2 funding rounds, plus 1 secondary share sale.
Quest Global's first fundraising round was a $150M undisclosed-stage round in August 2021. The most recent completed round was a $500M undisclosed-stage round in August 2023.
Quest Global funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2023 | Undisclosed stage | Carlyle Group (lead) | $500M | $1.8B | Quest Global Services is a Singapore-headquartered engineering and R&D services provider specializing in product engineering for complex systems, with over 17,500 engineers across 67 delivery centers in 17 countries. Approximately 63% of revenues come from aerospace & defense, energy, and semiconductor verticals, with other sectors including healthcare, medical devices, and hi-tech. On August 8, 2023, Carlyle Group, via Carlyle Asia Partners, announced acquiring a significant minority stake, reported as 28% for $500 million at a $1.8 billion valuation, buying out Bain Capital, Advent International, and GIC; sources vary slightly with some citing ~$2 billion. Founder Ajit Prabhu invested $120 million to increase his stake to 40% from 32%, and the company conducted a $180-200 million share buyback. This marked Carlyle's return to Quest Global, having first invested $6 million in 2003. The prior round in August 2021 raised $150 million from ChrysCapital and others at ~$1.8 billion valuation. Quest Global expects FY24 revenue of $900 million and EBITDA of $165 million. Funds will support acquisitions, new clients, and preparation for a potential IPO in 3-5 years, leveraging Carlyle's expertise in public listings and integrations. Advisors included Barclays, JPMorgan, BNP Paribas for Quest Global, and Deutsche Bank, Clifford Chance, KPMG, Trilegal for Carlyle. Carlyle highlighted Quest's positioning in product innovation, digital engineering, embedded systems, outsourcing, and disruptive tech across industries, with Carlyle's global portfolio exceeding $35 billion in 280+ deals, $5.6 billion in Asia as of June 2023. |
| Aug 2021 | Undisclosed stage | ChrysCapital (lead); True North | $150M | $1.8B | Quest Global is a Singapore-headquartered global product engineering and lifecycle services company providing engineering services, engineering research & development (ER&D), product engineering services (PES), and outsourced product development across industries like aerospace, defense, hi-tech, software, digital, medical devices, and more. It operates in 13 countries with 56 global delivery centers and over 11,250 employees as of the 2021 transaction. ChrysCapital led the investment, with True North Managers LLP and other institutional investors purchasing a minority stake (less than 10%, or sub-5% combined for ChrysCapital and True North) for approximately $150 million on August 23, 2021. The stake was acquired from co-founders and management, while existing investors Bain Capital, Advent, and GIC remained invested. O3 Capital acted as the financial advisor. The transaction valued Quest Global at $1.8 billion. For FY21 (near the round date), the company reported revenue of $598 million, down from $699.5 million in FY20, with profit after tax of $52.4 million and EBIT of $87.9 million. CEO Ajit Prabhu, who holds close to 50% ownership, noted the investment validates the company's growth as a trusted engineering partner amid pandemic challenges, with plans to expand in hi-tech, software, and digital segments. Investors highlighted Quest Global's outperformance in the fragmented ER&D space, positioning it as a top-five pure-play player and core partner to global firms undergoing digital disruption. The company aimed for $1 billion revenue by 2025, with strong growth in areas like medical devices (50% engineering team expansion by end-FY22). This round followed earlier PE investments, including from Carlyle (bought back in 2003), and preceded later developments like planned Bain Capital and Advent exits at $2.5-3 billion valuation and Hillhouse's potential $4.5 billion stake acquisition. |
| Feb 2016 | Secondary | GIC; Advent International; Bain Capital | $350M | $1B | Quest Global is a Singapore-headquartered global engineering services provider specializing in mechanical, embedded, and engineering software for industries including aerospace, transportation, energy, and medical devices. It serves clients such as GE, BMW, Pratt & Whitney, Rolls Royce, Boeing, and Airbus, operating from 31 global centers with around 7,300-7,800 employees, more than half in India. On February 19, 2016, Bain Capital, GIC, and Advent International invested $350 million to acquire a minority stake from Warburg Pincus and other shareholders, valuing the company at $1 billion. This marked the second private equity exit for Quest Global, following Carlyle's buyout by management in 2007 after a $6 million investment in 2003. Warburg Pincus had invested $75 million in 2010. Post-transaction, promoters held around 65% of the company. In 2015, Quest Global reported revenue of $385 million and was projected to post consolidated operating profit of $84 million for the fiscal year. The company demonstrated a 30% CAGR over the prior 15 years, maintained consistent margins and cash flow, and targeted $1 billion in revenue by 2020 through organic and inorganic growth, including recent acquisitions like NeST Software and Germany's EDF. |
Who has invested in Quest Global?
6 investors have backed Quest Global across its funding rounds, including Bain Capital, GIC, Carlyle Group, Advent International, ChrysCapital and True North.
Lead investors include Carlyle Group and ChrysCapital.
Quest Global Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | Feb 2016 | ||
| 1 | Lead | Aug 2023 | ||
| 1 | Participant | Feb 2016 | ||
This data is available for Pro users. Sign up to see all 6 Quest Global investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Quest Global
Quest Global has acquired 12 companies to date.
Last acquisition by Quest Global was on April 6th 2026. Quest Global acquired BitSilica for undisclosed valuation.
Latest Acquisitions by Quest Global
| Description | BitSilica provides VLSI design and verification, AI, automotive safety, and edge computing solutions. | Alpha Technology Solutions is a Richmond-based custom software developer delivering applications for manufacturing execution systems, inventory management, and SCADA integrations in the Mid-Atlantic US. Built on .NET and SQL Server stacks, projects include HMI dashboards for Siemens PLCs and cloud migrations to AWS. Serving food processing and pharmaceuticals, the firm follows CMMI Level 3 processes. Founded in 2005, Alpha Technology Solutions partners with Epicor ERP resellers. | People Tech is a Fremont-headquartered IT services firm specializing in Oracle Cloud ERP implementations, Microsoft Dynamics, and SAP migrations. The company maintains Centers of Excellence for business intelligence, mobile applications, and Salesforce integrations. People Tech delivers projects for clients in healthcare, manufacturing, and retail sectors across North America. Founded in 2006, it holds partnerships with Oracle, Microsoft, and AWS for cloud transformations. | Synapse Design is a San Jose-headquartered semiconductor design services provider founded in 2003 with offices in Irvine, Boston, China, and India. The firm engineers complex SoCs, analog mixed-signal ICs, and firmware for flagship products from Cisco and Qualcomm, specializing in high-speed SerDes interfaces up to 112 Gbps. | |
| HQ Country | |||||
| HQ City | Hyderabad | Chicago, IL | Seattle, WA | San Jose, CA | |
| Deal Date | 6 Apr 2026 | 10 Mar 2025 | 7 May 2024 | 29 Jun 2021 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Quest Global acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Quest Global Competitors
Quest Global competitors include listed companies like Insight Enterprises, Mphasis, NS Solutions and China National Software, and private ones like MegazoneCloud and CarDekho.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $8.2B | $417M | $4.5B | 0.7x | ||
| Publicly listed | $1.7B | $320M | $4.6B | 2.5x | ||
| Publicly listed | $2.5B | $374M | $4.6B | 1.6x | ||
| Publicly listed | $761M | $75M | $4.3B | - | ||
| Private | - | - | $1.8B | - | ||
| Private | $299M | - | $1.2B | 4.0x |
Quest Global Public Comps
Quest Global is no longer listed, but its public comps include Insight Enterprises, Mphasis, NS Solutions, China National Software, Reply, Asseco Poland, Aditya Infotech, LG CNS, FPT Corp. and Parsons.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $8.2B | $417M | 0.7x | 0.7x | 14.2x | 9.8x | |||
| $1.7B | $320M | 2.7x | 2.5x | 14.2x | 13.6x | |||
| $2.5B | $374M | 1.6x | 1.6x | 10.8x | 11.2x | |||
| $761M | $75M | 5.8x | - | 58.6x | - | |||
| $2.8B | $526M | 1.5x | 1.4x | 8.2x | 7.8x | |||
| $4.4B | $600M | 1.3x | 1.2x | 9.6x | 7.5x | |||
| $440M | $59M | 9.5x | 7.5x | 70.6x | 52.5x | |||
| $4.5B | $516M | 0.9x | 0.9x | 8.0x | 8.1x | |||
This data is available for Pro users. Sign up to see all Quest Global competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Quest Global
| When was Quest Global founded? | Quest Global was founded in 1997. |
| Where is Quest Global headquartered? | Quest Global is headquartered in Singapore, Singapore. |
| Is Quest Global publicly listed? | No, Quest Global was acquired by Hillhouse Investment in February 2026. |
| Who acquired Quest Global? | Quest Global was acquired by Hillhouse Investment in February 2026. |
| How much was Quest Global acquired for? | Quest Global was acquired for $4.5B in February 2026. |
| What is Quest Global's valuation? | Quest Global was last valued at $1.8B in its undisclosed-stage round in August 2023. |
| How much funding has Quest Global raised? | Quest Global has raised $650M across 2 funding rounds. |
| What was Quest Global's last funding round? | Quest Global's last funding round was a $500M undisclosed-stage round in August 2023, led by Carlyle Group. |
| Who are Quest Global's investors? | Quest Global's investors include True North, GIC, Carlyle Group, Advent International, Bain Capital and ChrysCapital. |
| What is Quest Global's revenue? | Quest Global's latest recorded revenue is $598M (August 2021). |
| What is Quest Global's revenue multiple? | Quest Global's latest valuation implies a 3.0x revenue multiple ($1.8B valuation on $598M of revenue). |
| Which companies are comparable to Quest Global? | Companies comparable to Quest Global include Insight Enterprises, Mphasis, NS Solutions, China National Software, MegazoneCloud and CarDekho. |
| How many companies has Quest Global acquired? | Quest Global has acquired 12 companies, including BitSilica, Alpha Technology Solutions, People Tech, Synapse and Dakota Moon Enterprises. |
| What was the largest acquisition by Quest Global? | The $75M acquisition of Exilant in March 2018 is the largest acquisition Quest Global has made to date. |
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