Quess Corp rises on acquiring Conneqt Business Solutions
Quess Corp, India’s leading business services platform announced the acquisition of the remaining 30 per cent stake in Conneqt Business Solutions Limited. With this transaction, Conneqt has become a wholly-owned subsidiary of the company.
Conneqt is a leading contract lifecycle management (CLM) and business process management (BPM) services provider in India. It operates more than 21 delivery centres with 29,000+ employees. Earlier, Quess had acquired 51 per cent of Conneqt in November 2017. It further increased its stake in the company from 51 per cent to 70 per cent in May 2019 via infusion of primary capital, which was used to fund the acquisition of Allsec Technologies Limited, a listed CLM and human resource outsourcing (HRO) services provider.
The combined strength of Conneqt and Allsec will help Quess in getting a substantial base to expand its CLM and BPM capabilities with greater emphasis on digital services and international expansion. After this transaction, it will enable Quess to optimally realise synergies between various divisions of Quess, Conneqt, and Allsec thereby, accelerating its growth in the IT/ITES space.
On Friday at 12.18 pm, the share price of Quess Corp was trading 1.55 per cent higher at Rs 596.65 on BSE.