At what enterprise value was ENCORA acquired in 2025?

During the acquisition of ENCORA by COFORGE in 2025, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 1b - 4b USD. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the TMT (Tech, Media, Telecom) industry currently tracks an average EBITDA multiple of 14.4x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of ENCORA when it was acquired by COFORGE?

The estimated EV/EBITDA multiple for ENCORA is in the range of 15x - 25x. For comparison, the TMT (Tech, Media, Telecom) sector currently shows an average EBITDA multiple of 14.4x. Join our community for free to access full valuation data and industry trends.

When was ENCORA acquired by COFORGE?

ENCORA was acquired by COFORGE in 2025.

What was the revenue of ENCORA at the time of the deal?

The revenue of ENCORA at the time of the deal is estimated to be in the range of 450M - 900M USD. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of ENCORA during the acquisition?

ENCORA's EBITDA is estimated to be in the range of 100M - 200M USD. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the ENCORA acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the ENCORA deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.encora.com/news/coforge-to-acquire-encora-reaffirms-intent-to-be-the-leading-ai-driven-engineering-firm-for-the-new-era

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Home Database TMT (Tech, Media, Telecom)ENCORA

12/2025

ENCORA acquired by COFORGE

UNITED STATES IT Services / Consulting & Integration / Data & AI Consulting EV 1b - 4b USD

Context

Coforge has successfully entered into a definitive agreement to acquire 100% of Encora, a strategic move designed to establish the combined organization as a premier AI-driven engineering powerhouse. The strategic rationale for the transaction centers on building a scaled technical "moat" underpinned by AI-native DNA and agentic AI platforms. This integration significantly expands the group's near-shore delivery capabilities, particularly within the LATAM region, providing specialized engineering talent to service the North American market. By incorporating the target’s Silicon Valley-born expertise, the organization reinforces its ability to create enterprise data cores and cloud foundations specifically built for artificial intelligence. The partnership focuses on achieving material scale in high-growth industry verticals such as Hi-Tech and Healthcare, while substantially increasing the group's client footprint in the West and Mid-West United States. This acquisition facilitates the repositioning of the firm as a leader in Agent-Native product engineering, providing the strategic depth required to make the promise of enterprise AI real for a global client base.

ENCORA, which reported an EBITDA margin of LOGIN in 2026, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the TMT (Tech, Media, Telecom) sector (14.4x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

Encora is a specialized technology organization born in Silicon Valley with a business model centered on AI-native product engineering. The entity provides high-expertise services across the convergence of AI, Cloud, and Data, facilitating digital transformation for Fortune 1000 enterprises. Its value proposition is built on a proprietary "Agent-Native" engineering approach, utilizing its composable agentic AI platform, AIVA™, to modernize core systems and design intelligent processes. Strategically, the firm focuses on technical operational depth in data readiness and AIOps, maintaining a highly specialized talent base of subject matter experts. By leveraging deep partnerships with major global cloud and data platforms, the organization ensures a mission-critical role in the evolution of enterprise AI foundations. The firm prioritizes technical innovation and near-shore delivery excellence to accelerate the development of next-generation digital products.

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2025

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REFERENCES

Valuation range: EV 1b - 4b USD

Revenue range: 450M - 900M USD

EBITDA range: 100M - 200M USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of ENCORA by COFORGE are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Acquirer: coforge