Industry

Quess Corp to acquire remaining 30% stake in Conneqt from Tata Sons for ₹208 crore

Quess Corp, a business services platform, on Friday said it will acquire the remaining 30% equity stake in Conneqt Business Solutions from Tata Sons for ₹208 crore.

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 later used to fund its acquisition of Allsec Technologies, a CLM and HRO services provider.

The combined strength of Conneqt and Allsec would provide Quess a sizable base to expand its CLM and BPM capabilities with emphasis on digital services and international expansion, Quess said in a statement.

Suraj Moraje, Group CEO and Managing Director of Quess Corp said, “The consolidation of our holding in Conneqt will further accelerate Conneqt’s transition to non-voice services as the business benefits from the triple tailwinds of virtualisation, digitisation, and automation.''

Conneqt is a customer lifecycle management (CLM) and BPM services firm that runs 21 delivery centers and employs over 29,000 people.

With this transaction, Conneqt will become a wholly owned subsidiary of Quess.

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Printable version | May 12, 2021 4:45:21 PM | https://www.thehindu.com/business/Industry/quess-corp-to-acquire-remaining-30-stake-in-conneqt-from-tata-sons-for-208-crore/article34336441.ece

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