After selling its technology services business to a Singapore firm in 2018, the Chennai-based Congruent Solutions Pvt Ltd has established itself as a niche Software-as-Service (SaaS) provider and an outsourced plan administration services provider for the US retirement industry. With around 650 employees, mostly in Chennai, it is looking at 40-45 per cent revenue growth this fiscal to around ₹145 crore, said the company’s Co-founder & CEO, Balaraman Jayaraman.

After the rejig, the company signed its first contract in 2018. When Covid struck, the company’s revenue was around ₹40 crore, and it had 174 employees. However, growth has been good in the last couple of years at over 35 per cent. There are 50 clients, he told businessline, without giving names of the clients due to non-disclosure agreements with them. Across the 50 clients, the average deal size could be $350,000 to $400,000 Annual Recurring Revenue, he said.

Congruent provides end-to-end retirement lifecycle solutions to large and mid-sized US plan providers, record keepers, and third-party administrators using its Cloud-native enterprise record-keeping suite of products called CORE. It also provides business process solutions focused on players that are transitioning to a business-process-as-a-service model, he said. Demand for compliance testing in the US has been on the rise in the last three years, he added. Clients are looking for niche players like Congruent to do the complex work.

“We touch millions of participants (employees) through our platform. We serve our customers’ customers’ customers. In other words, we operate in the B2B2C space,” he said.

On inorganic growth, Jayaraman said it is part of the company’s strategy and will be done using its own funds. “We are profitable. We have our own cash reserves. We can do small transactions using that,” he said.

In May 2023, Sanaka Capital, a leading mid-market focused private equity fund, invested in Congruent Solutions. In October the same year, the Chennai-based Catalincs Partners, a growth advisory firm, was roped in to accelerate growth and enhance value to its stakeholders. Congruent has a centre in Chennai.

Rajesh Ramaswamy, Partner at Catalincs, told businessline, “Unlike other horizontal SaaS providers in India such as Zoho and Freshworks, Congruent has built an industry-specific platform that lends itself to a business-process-as-a-service (BPaaS) or service-as-software model. “With this robust foundation, we believe Congruent is well positioned to carve out an enviable brand in the industry-focused platform space, and scale with grace,” he said.