Genpact Ltd will acquire Chicago-based digital consultancy Rightpoint Consulting, as the business process manager looks to bump up its digital offerings.
Genpact, which is backed by private equity firm Bain Capital and Singapore sovereign wealth fund GIC, did not disclose the financial details of the transaction. The deal is subject to closing conditions including the expiration of the waiting period under anti-monopoly laws.
Morgan Stanley acted as the exclusive financial adviser to Genpact for the transaction while CG Petsky Prunier – part of the Canaccord Genuity Group – advised Rightpoint.
Genpact is making the acquisition to strengthen its process innovation to help its clients switch to digital channels of conducting their business.
Genpact president and chief executive TV Tyagarajan said it was necessary for businesses to switch to digital processes to be able to stay competitive. Co-founder Freedman said the acquisition would help Rightpoint realise its vision of helping its clients succeed in their business and innovations.
Founded in 2007, Rightpoint provides its services to over 250 Fortune 1,000 companies. Its backers include Stella Point Capital, a New York-based private equity firm that focuses on companies in the industrial, consumer and business services sectors.
According to its website, some of Rightpoint’s offerings include digital workplace experience, mobile application development, emerging technology and digital operations.
Founded in 1997 as a business unit within General Electric, Genpact became an independent company in 2005 and went public in 2007. The company employs over 87,000 people and has a presence in more than 25 countries. Most of the company’s employees are located in India, with centres in Gurugram, Hyderabad, Jaipur and Kolkata.
Genpact has struck more than two dozen acquisitions since 2005. Most recently, it had bought riskCanvas Holdings LLC from Booz Allen Hamilton Holding Corporation in January this year to strengthen its financial crime compliance practice. Its other recent deals include the acquisition of US-based inspection-as-a-service provider OnSource in 2017.
In May this year, Bain Capital and GIC partially exited Genpact in a transaction that helped them recover the entire $1 billion principal they had invested in 2012.