Quess Corp, a business services platform, said it will acquire the residual 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 sizeable base to expand its CLM and BPM capabilities with emphasis on digital services and international expansion, said Quess in a statement.
“The consolidation of our holding in Conneqt will further accelerate Conneqt’s transition to non-voice services,” said Suraj Moraje, Group CEO and MD, Quess Corp said,as the business benefits from the triple tailwinds of virtualization, digitization, and automation.''
Conneqt is a customer lifecycle management (CLM) and BPM services firm that runs 21 delivery centres and employs over 29,000 people.
With this transaction, Conneqt will become a wholly owned subsidiary of Quess..
