Quess Corp, a Bengaluru-based business services provider, has acquired the residual 30 per cent stake in Conneqt Business Solutions Ltd for ₹208 crore, pursuant to a put option notice by Tata Sons.
Following the transaction, Conneqt will become a wholly-owned subsidiary of Quess, the company said a press statement.
Suraj Moraje, Group CEO and Managing Director of Quess Corp, said: “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,” he added.
Quess had acquired 51 per cent of Conneqt in November 2017, and further the stake to 70 per cent in May 2019 through infusion of primary capital.
Conneqt is a Contract Lifecycle Management and Business process management services provider in India and operates 21 delivery centres with more than 29,000 employees.