New Delhi, June 23 -- Swedish private equity firm EQT has struck its second bolt-on acquisition with an Indian connection in a year, as it expands the size of a technology portfolio company that it plans to take public in the South Asian nation.

EQT, which hit the final close of its new Asia fund this year after collecting a record $15.6 billion, is acquiring New York-headquartered enterprise AI firm NextGen Invent Corp through its portfolio company Straive.

Straive, an AI and data analytics company that EQT bought from Swiss PE firm Partners Group in 2021, announced the transaction on Monday, but did not disclose its financial terms.

However, a person with direct knowledge of the transaction told VCCircle that Straive will acquire NextGen Invent for around $25 million (Rs 236.8 crore).

According to the person, the deal was structured in two parts, involving entities in the US and India. Most of the consideration was paid for NextGen's US business, with only a small amount attributable to its India operations.

NextGen Invent, an AI engineering and enterprise services provider, has operations in New York and the north Indian city of Noida.

Deepak Mittal, founder and CEO of NextGen Invent, will continue to lead the business after the acquisition, the person said, requesting anonymity.

Queries sent to NextGen Invent remained unanswered till the time of publishing this article, while Straive declined to comment.

"Straive helps clients build and run AI that replaces and transforms the legacy enterprise," Ankor Rai, CEO of Straive, said in a statement. "NextGen Invent's hands-on experience in developing AI solutions and deploying them to transform and automate complex industry-specific workflows fits very well with Straive's focus on data and AI operationalization."

The acquisition is expected to strengthen Straive's AI engineering capabilities and accelerate client delivery through improved data reliability and the operationalization of AI at scale, the company said.

Novistra Capital acted as the exclusive sell-side adviser to NextGen Invent. EY India and Trilegal advised Straive.

Straive's second acquisition, IPO plan

The acquisition of NextGen Invent follows Straive's purchase of SG Analytics in June 2025. The deal brought into the fold the AI-powered insights and contextual analytics services provider, which was founded in 2007 and has offices in New York, London and Pune. The deal's financial terms were not disclosed.

Novistra advised SG Analytics as well.

Straive was founded in the Philippines in 1980 as Saztec Philippines Inc, rebranded as SPi Technologies in 1996, and adopted its current name in 2022. It employs over 18,000 people and serves clients across financial and information services, insurance, healthcare and life sciences, scientific research, edtech and logistics.

After EQT took over Straive, the company acquired data science and AI firm Gramener in 2023. A few months later, it bought Chicago-based AI company Metonymize.

Straive is also preparing for an initial public offering in India, VCCircle has gathered. The company has appointed Axis Capital, Morgan Stanley, and JP Morgan as bankers for the IPO that could raise between Rs 3,500 crore and Rs 4,000 crore. However, Straive has not confirmed the listing plans.

Published by HT Digital Content Services with permission from VC Circle.