Matrix exits Ace2Three as Clairvest Group invests

HYDERABAD, May 2, 2017 '“India's leading online rummy platform, Ace2Three, owned by Head Infotech India Pvt. Ltd., today announced a significant investment for a majority stake by Clairvest Group, a leading global private equity firm, and select co-investors. The investment marked a full exit for Matrix Partners India which invested an undisclosed amount in Head Infotech in 2010 for a significant minority stake. Headquartered in Hyderabad, Ace2Three serves over 8 million visitors each month who play over 11 million games, all while consistently delivering 50% year-over-year growth.

"The Ace2Three team have become true leaders in the online rummy industry in India,' said Michael Wagman, a Managing Director of Clairvest Group, who will join the Head Infotech Board of Directors. "We believe the Ace2Three management team has done an exemplary job in expanding the business consistently while continuously innovating to create best-in-class product experiences for their users across platforms.'

"Ace2Three has enjoyed great success over the last ten years and we are proud to have become India's leading online rummy and online gaming company and delivering consistent value to our investors,' said Mr. Deepak Gullapalli, Founder and CEO, Head Infotech India Pvt. Ltd. "We have had a fantastic association with the Matrix Partners India team who bet on us early during a period of uncertainty and were the only institutional investor in the Ace2Three. We are also pleased to have Clairvest Group as our partner for the next phase of our growth and look forward to a close, long-term collaboration.'

"It has been a privilege to partner with Deepak and the Ace2Three team '“ we thank them for the journey, the excellent returns delivered and wish them God Speed ahead with their new partners." said Rajinder Balaraman, Vice President at Matrix India. "Deepak has delivered more than a 20x multiple to us in a made in India and for India business which goes to show that local and innovative business models also provide opportunities for best in class venture returns. In addition, this is a validation of our Founders First investment philosophy.' added Avnish Bajaj, Founder & Managing Director at Matrix India.

About Ace2Three/Head Infotech Pvt. Ltd.
Head Infotech was founded in 2006 to bring cutting edge transformations to the Indian Gaming Industry through top notched innovations. The company created a revolutionary platform for entertainment and ten years after its inception, proudly rejoices its leading brand Ace2Three.com, India's first and no. 1 Online Card Gaming site. Serving more than 8 million happy players, ace2three.com continues to spearhead growth and development of the gaming industry in India. More information about Headinfotech can be found at www.headinfotech.com

About Clairvest Group
Clairvest Group Inc. is a private equity management firm that invests its own capital, and that of third parties through the Clairvest Equity Partners limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments. More information about the Clairvest Group can be found at www.clairvest.com.

About Matrix Partners India
Matrix Partners India is an investment firm with INR 4,500 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages. The firm has invested in several market leading companies in the consumer technology space including Ola (local transportation), Quikr (online classifieds), Practo (digital health platform), Dailyhunt (mobile local language platform), Mswipe (mobile POS), Limeroad (mobile social commerce marketplace), Treebo (digital hotel chain) and Five Star Business Credits (NBFC) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $4 billion under management. Further information is available at www.matrixpartners.in