Quess Corp, India’s leading business services provider, announced it has acquired 30% stake in Conneqt Business Solutions for Rs 208 crore from Tata Sons Private Limited. Post acquisition, Conneqt will become a wholly owned subsidiary of Quess.
“We wish to inform that the Administration and Investment Committee has approved the acquisition of 30% equity shares in Conneqt Business Solutions Limited (“Company” or “Conneqt”) in lieu of Rs 208 Crore from Tata Sons Private Limited, in accordance with the Shareholders Agreement dated 20th November, 2017 and other applicable agreements. By virtue of this transaction, Conneqt becomes a wholly owned subsidiary of Quess,” the company said in its exchange filling.
Quess had acquired 51% of Conneqt in November 2017 and further increased its stake in Conneqt from 51% to 70% in May 2019 via infusion of primary capital, which was used to fund the acquisition of Allsec Technologies Limited (Allsec) a listed CLM and HRO services provider.
Conneqt is India’s leading domestic CLM and BPM player with 21+ Delivery centers in India, and 29,000+ employees as on 31st Dec 2021. Its turnover stood at Rs 976 Crores in FY 2019-20.
This Investment will provide Quess full and complete ownership over Conneqt, allowing it to better realize synergies between its various divisions, Conneqt and Allsec. It will strengthen Quess’ position to accelerate growth in the IT/ITES space, the company said in its release.
Commenting on the acquisition, Suraj Moraje, Group CEO and Managing Director of Quess Corp, said, “Conneqt has performed remarkably since we acquired it in 2017, with significant milestones achieved in terms of robust revenue CAGR, NPS improvement and reduction of top 10 customer exposure. The consolidation of our holding in Conneqt is an affirmation of our continued commitment to Conneqt, its employees and customers. This will further accelerate Conneqt’s transition to non-voice services as the business benefits from the triple tailwinds of virtualization, digitization, and automation while providing more opportunities to realize synergies with Quess. We thank the Tata Group for the fruitful and enjoyable partnership to date.”
Established in 2007 and headquartered in Bengaluru, Quess Corp is India’s leading business services provider and largest private-sector employer. The company has a team of around 333,000 employees across India, North America, APAC, and the Middle East.
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