Quess Corp has completed the acquisition of the remaining 30% stake in Conneqt Business Solutions Ltd for Rs 208 crore in accordance with the Tata Sons Pvt Ltd. put option announcement.
In a statement, Quess said that with this transaction, Conneqt would become its wholly owned subsidiary.
Quess acquired 51% of Conneqt in November 2017 and further increased its stake in Conneqt from 51% to 70% in May 2019 by injecting primary capital used to finance the acquisition of Allsec Technologies Limited.
Conneqt is a provider of Customer Life Cycle Management (CLM) and Business Process Management (BPM) services in India and operates more than 21 delivery centers with more than 29,000 employees.
The statement said that the combined strength of Conneqt and Allsec Quess provides a fundamental foundation to expand their CLM and BPM capabilities, with a focus on digital services and international expansion.
With full ownership of Conneqt, Quess can optimally achieve synergies between the different business units of Quess, Conneqt and Allsec and accelerate growth in IT and ITeS.
Suraj Moraje, Group CEO and Managing Director of Quess Corp., said: “Conneqt has achieved remarkable performance since our acquisition in 2017 and significant milestones in terms of strong CAGR revenue, improved NPS and reduction of top 10 customer commitments achieved. The consolidation of our participation in Conneqt is an affirmation of our ongoing commitment to Conneqt, its employees and its customers. ”
“This will further accelerate Conneqt’s transition to non-voice services as the company benefits from the triple wind in favor of virtualization, digitization and automation, while providing more opportunities to achieve synergies with Quess. We thank the Tata Group for the successful and enjoyable partnership to date, ”said the CEO.