Business services platform Quess Corp on Friday announced the acquisition of 30 per cent stake in Conneqt Business Solutions after the put option notice by Tata Sons.
With this transaction, Conneqt will become a wholly-owned subsidiary of Quess. Conneqt is a leading contract lifecycle management (CLM) and business process management (BPM) services provider in India and operates more than 21 delivery centres with over 29,000 employees.
Quess had acquired 51 per cent of Conneqt in November 2017 and further increased its stake to 70 per cent in May 2019 via infusion of primary capital which was used to fund the acquisition of Allsec Technologies, a listed CLM and HRO services provider.
Conneqt has performed well during this period, achieving a pre-Covid revenue CAGR of around 15 per cent, growing NPS from 14 to 45 per cent and reducing concentration from its top 10 customers from 74 to 59 per cent of revenues.
The combined strength of Conneqt and Allsec provides Quess a substantial base to expand its CLM and BPM capabilities with greater emphasis on digital services and international expansion.
Full ownership of Conneqt will enable Quess to optimally realise synergies between various divisions of Quess, Conneqt and Allsec, accelerating its growth in the IT/ITES space.
"The consolidation of our holding in Conneqt is an affirmation of our continued commitment to Conneqt, its employees and customers," said Suraj Moraje, Group CEO and Managing Director.
"This will further accelerate Conneqt's transition to non-voice services as the business benefits from the triple tailwinds of virtualisation, digitisation and automation while providing more opportunities to realise synergies with Quess. We thank the Tata Group for the fruitful and enjoyable partnership to date."
Quess helps large and emerging compes achieve higher productivity and greater workforce flexibility at lower costs through integrated outsourcing and technology offerings.
It has a team of 3.3 lakh employees across India, North America, Asia Pacific and the Middle East across platforms like workforce management, global technology services and operating asset management.
Quess serves over 3,000 clients worldwide. Established in 2007, it has a market capitalisation of Rs 8,071 crore.
( With inputs from ANI )
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