EQT has agreed to sell its remaining stake in TELUS Digital as part of TELUS Corporation’s proposed acquisition of the company, marking the end of EQT’s nearly decade-long investment journey. The transaction underscores EQT’s success in transforming TELUS Digital into a global technology and digital services leader.

From BPO to Global Digital Powerhouse

Since EQT’s initial investment in 2016, TELUS Digital has expanded dramatically, now employing over 78,000 people across 30 countries and growing EBITDA by more than 500%. The company evolved from a traditional outsourcing and BPO provider into a next-generation digital services company, offering customer experience (CX) management, AI and data solutions, digital transformation consulting, and security and trust services.

Strategic acquisitions—including Voxpro, Xavient, Competence Call Center, Lionbridge AI, Playment, and WillowTree—have bolstered TELUS Digital’s capabilities in digital design, product development, content moderation, and AI-driven solutions. Strong organic growth complemented these acquisitions, positioning the company as a global technology solutions partner for clients across telecom, e-commerce, gaming, financial services, and healthcare.

Investment Success and IPO Milestones

During EQT’s investment period, TELUS Digital achieved several key milestones, including its 2021 IPO on the NYSE and Toronto Stock Exchange, the largest technology IPO on the latter at the time. EQT realized an approximate 4x return on its investment, having previously sold portions of its stake during the IPO and follow-on offerings. The remaining stake will be sold for $215 million upon closing of the TELUS acquisition.

Leadership Perspective

“TELUS Digital’s transformation into a global leader in customer experience and technology services has been remarkable,” said Janice Leow, Partner at EQT Private Capital Asia. “Full integration with TELUS Corporation will create new opportunities for innovation and long-term growth.”

Darren Entwistle, President and CEO of TELUS Corporation, added, “EQT has been a valued partner in TELUS Digital’s evolution. Their support helped the company transition from a BPO provider to a global enterprise solutions leader, including the development of the Fuel iX AI platform.”

Why It Matters

The acquisition highlights private equity’s role in scaling digital services providers and the growing value of companies that combine CX expertise with AI, data analytics, and digital transformation capabilities. For TELUS, full ownership of TELUS Digital solidifies its position in global digital services and strengthens its ability to offer integrated enterprise solutions.

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