Indian data analytics service provider Fractal Analytics is holding discussions to secure more than $200 million from British private equity firm Apax Partners.

Apax will hold a significant minority stake in Fractal once the transaction is completed.

Fractal intends to use the funds to buy companies to supplement its organic growth strategy with inorganic development.

Fractal’s current investors include Malaysian sovereign wealth fund Khazanah and U.S. private equity firm TA Associates. Khazanah invested $100 million in Fractal in 2016, while TA Associates invested $25 million in 2013.