Quess Corp, a business services platform announced the acquisition of 30 per cent stake in Conneqt Business Solutions for INR 208 cr, pursuant to the put option notice by Tata Sons. With this transaction, Conneqt will become a wholly owned subsidiary of Quess.
Conneqt, is a leading CLM and BPM services provider in India and operates more than 21 delivery centers with 29,000+ employees. Quess had acquired 51 per cent of Conneqt in November, 2017 and further increased its stake in Conneqt from 51 per cent to 70 per cent in May 2019 via infusion of primary capital.
Suraj Moraje, CEO and Managing Director, Quess Corp said that 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 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,” added Moraje.