Quess Corp acquires residual 30% stake in Conneqt for Rs 208 crore

Bengaluru-headquartered business services provider Quess Corp announced on Fridaythe acquisition of 30 per cent stake in Conneqt Business Solutions Ltd (Conneqt) for Rs 208 crore, pursuant to the Put Option notice by Tata Sons Pvt. Ltd.

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 21-plus delivery centres with more than 29,000 employees, a Quess statement said.

Quess had acquired 51 per cent of Conneqt in November 2017 and further increased its stake in Conneqt to 70 per cent 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, it said.

''Conneqt has performed exceedingly well during this period achieving a pre-COVID revenue CAGR of around 15 per cent, growing NPS from 14 per cent to 45 per cent, and reducing concentration from its top 10 customers, from 74 per cent to 59 per cent of revenues,'' the statement said.

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, it said.

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 statement added.

Quesshasateamof around 333,000 employees across India, North America, APAC, and the MiddleEast as ofDecember 31, 2020.