New Delhi: Everstone Capital has acquired a controlling stake in software as a service (SaaS) provider Wingify from the founders for about $300 million as it steps up deal making in the technology sector, said people with knowledge of the matter.Delhi-based Wingify is predominantly export-oriented and sells most of its software solutions to customers in developed markets such as the US and Europe. Everstone has been eyeing deals in the SaaS sector, enthused by the success of the likes of Freshworks and Zoho. Freshworks raised $1.03 billion in an initial public offering in the US in 2021. Wingify's founders Paras Chopra and Sparsh Gupta are Delhi College of Engineering alumni."We have deployed $1.3 billion in technology companies and delivered a 30% internal rate of return in our tech portfolio," said Avnish Mehra, Everstone's vice chairman for private equity, confirming the transaction. He didn't give other details regarding the investment.117496457Wingify provides software solutions to companies to help them optimise digital spends on customer acquisition and retention. Customers include eBay, Ubisoft, Microsoft. Lenovo, Walt Disney and Target as per details posted by the company on a professional networking site.Everstone Capital, which has $8 billion under management, acquired technology consulting firm Cprime and technology services firm Apexon over the past three years, partnering with Goldman Sachs Asset Management on both investments. Those deals were also in the $300 million range. It recently sold its investment in Omega Healthcare, another co-investment with Goldman Sachs Asset Management, to Canadian pension fund Ontario Teachers' Pension Plan for $800 million."We have been looking at software in the last three-four years," said Sandeep Singh, managing director, Everstone Capital. "It was earlier a focus area for venture capital firms. Indian companies are able to demonstrate technology and product leadership. Moreover, India's cost structure will show up in profitability and margins."