Industry

Quess to buy ₹208-crore stake in Conneqt

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..

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Printable version | May 6, 2021 9:09:18 AM | https://www.thehindu.com/business/Industry/quess-to-buy-208-crore-stake-in-conneqt/article34339031.ece

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