Quess Corp acquires residual 30% stake in Conneqt

Quess Corp announced the acquisition of 30% stake in Conneqt Business Solutions Ltd. (Conneqt) 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 India's second largest domestic CLM and BPM player delivering unparalleled customer experience to 120+ clients in India, US, UK and Middle East.

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 used to fund the acquisition of Allsec Technologies (Allsec), a listed CLM and HRO services provider..

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. Full ownership of Conneqt will enable Quess to optimally realize synergies between various divisions of Quess, Conneqt and Allsec, accelerating its growth in the IT/ITES space.

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 announcement was made before market hours today, 16 April 2021. Shares of Quess Corp had settled 1.04% lower at Rs 587.55 yesterday.

Quess Corp is India's leading business services provider. Quess helps large and emerging companies achieve higher productivity and greater work force flexibility at lower costs through integrated outsourcing and technology offerings.

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