Genpact Ltd has signed a definitive agreement to acquire Accounting Plaza, a European provider of finance & accounting (F&A) and human resources (HR) services besides PeopleSoft ERP services to retail giant Ahold among other clients in the retail, wholesale, banking and healthcare industries, for an undisclosed amount.
The deal is expected to close within a week.
Established in 2000, Accounting Plaza provides F&A and HR services to the world's sixth largest retailer Ahold and other clients. It has nearly 600 full-time employees who are working out of its centers in the Netherlands, Poland and the Czech Republic.
This acquisition will expand Genpact's domain expertise in the retail industry in addition to its service delivery comprising HR business process management, e-invoicing and PeopleSoft ERP related services footprint in Europe. It will now also have services delivery operations in Netherlands with Dutch language capabilities.
"This deal gives Genpact domain expertise in the retail industry, an industry which is transforming globally. Along with finance and accounting, one of our core capabilities, we now gain tremendous traction in the retail industry. We're looking forward to partnering with Ahold Europe and applying our capabilities in smarter processes, analytics and technology to help support their growth plans," said Tiger Tyagarajan, president and CEO, Genpact.
Within Europe, Genpact operates three delivery centers in Romania as well as centers in Hungary, Poland, and Morocco, serving more than 25 languages.
Genpact, which went public in the US in 2007, is backed by private equity firms Oak Hill Capital Partners and General Atlantic.
This is the first deal for Genpact in 2012 and the third under the new chief executive. NYSE-listed outsourcing firm Genpact, after a change of guards early last year with Pramod Bhasin stepping down as CEO and giving the reins to NV ‘Tiger’ Tyagarajan.
Over the past one year it has struck almost half dozen acquisitions including Headstrong Corporation for a cash consideration of $550 million. The company had also taken over California-based Cloud company Akritiv Technologies for an undisclosed amount,High Performance Partners, LLC (HPP) and its Quantum Mortgage Technology, US-based media and business research firm EmPower Research.