Karachi October 8 2021: Fiscal Year 2021 was a highly successful year for TRG. With the listing of IBEX on NASDAQ at a valuation of approximately USD 350 million and the sale of Etelequote at an Enterprise Value of USD 600 million, the board continues to deliver on its commitment to maximizing shareholders value through monetizations.
The IPO of TRG portfolio company IBEX was completed in August 2020. Since its listing, the company continues to deliver strong results with impressive topline growth and improving margins. The company has invested heavily in the expansion of its facilities during the year in preparation for new ramps, and management expect growth to further accelerate once some of the COVID related restrictions are lifted, at which point our existing facility footprint could accommodate greater capacity.
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The sale of Etelequote to Primerica, one of the leading providers of personal financial services products in the US, was completed in July 2021. TRG Pakistan’s prorated stake of the proceeds is approximately PKR 21.5 billion, which makes this one of our most profitable investments.
TRG enterprise software portfolio company continued its impressive growth during the year, with revenues nearly tripling from the previous fiscal year. The company has accelerated its investment in technology, business development activities and in new geographies. With a robust revenue pipeline, we expect the company to continue to deliver strong growth.