Genpact, a global information technology and professional services firm, has acquired Enquero, a data engineering and data-based digital transformation services company.
California-based Enquero, set up in 2014, offers customers platform-based solutions for data, design, and digital experiences. It also gives enterprise app solutions to clients around the world.
In a statement, Genpact chief executive officer ‘Tiger’ Tyagarajan said the acquisition will help the company scale and increase the depth of its data and analytics capabilities, as well as help its own clients to accelerate their digital transformation processes.
The two companies did not disclose the financial details of the transaction. As part of this deal, all Enquero employees will join Genpact and the company will be rebranded as Enquero, a Genpact company. Current CEO Arvinder Pal Singh will continue to lead the firm.
“Genpact’s domain, process and technology leadership, global footprint, scale, and extensive client base will help both Genpact and Enquero, as a combined force, to scale our solutions to transform even more organisations,” Singh added.
Shares of Genpact, which trades on the New York Stock Exchange, ended 1.61% up on Tuesday at $41.13 (Rs 3,007.45) apiece.
Genpact provides end-to-end solutions focussed on digital-led innovation, data, and analytics. It also operates an artificial intelligence-based platform, Genpact Cora. The company employs over 90,000 people and maintains a presence in more than 30 countries.
In November 2019, VCCircle reported that private equity firm Bain Capital and co-investor GIC Pte Ltd had completely exited from their investment in Genpact, scoring above-average returns on their investment. The two had initially invested in the firm in 2012, picking up a 30% stake in the company.
The acquisition of Enquero by the firm underscores the trend of IT and IT-enabled services firms striking acquisitions to deepen their ecosystem plays. Companies including Infosys, Wipro, and Cognizant made several moves in 2020 to this end.
Cognizant, for example, made at least nine acquisitions last year, with a focus on entities specialising in platforms such as Salesforce and Microsoft’s Azure. Targets for the firm included 10th Magnitude, Collaborative Solutions, Tin Roof Software, and EI-Technologies.
Infosys struck five deals last year, including that of Blue Acorn iCi Group for up to $125 million and digital creative agency WongDoody for $75.04 million.