Quess Corp announced the acquisition of 30 percent stake in Conneqt Business Solutions for INR 208 crore from Tata Sons.
Conneqt is a leading CLM and BPM services provider in India and operates 21+ delivery centers with 29,000+ employees.
Quess had acquired 51 percent stake in Conneqt in November 2017 and further increased its stake in Conneqt from 51 percent to 70 percent 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 exceedingly well during this period achieving a pre-COVID revenue CAGR of around 15 percent, growing NPS from 14 percent to 45 percent, and reducing concentration from its top 10 customers, from 74 percent to 59 percent 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 realize synergies between various divisions of Quess, Conneqt and Allsec, accelerating its growth in the IT/ITES space.
“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,” said Suraj Moraje, group CEO and managing director of Quess Corp.