Quess Corp takes full control of US-based MFXchange

Quess Corp has acquired the 51 per cent stake it didn’t already own in outsourcing solutions firm MFXchange Holdings Inc from Fairfax Financial Holdings Ltd.

Thomas Cook (India) Ltd, the parent of Quess and a unit of Fairfax, didn’t disclose any financial details of the deal in a stock-exchange filing.

Quess, earlier known as IKYA Human Solutions, had acquired a 49 per cent stake in MFXchange in November 2014.

MFXchange provides hosted information technology applications and outsourcing solutions for the US commercial property and casualty insurance industry. The company was founded in 2001 and has offices in the US, Canada, Ireland and India.

According to the filing, the acquisition will strengthen the global technology solutions business segment of Quess due to MFX’s presence in the niche insurance-focused IT products and solutions market in North America.

Quess provides services under four verticals - global technology, industrial asset management, integrated facilities management and people and services. It has 1,10,000 employees and operates in 32 cities in India, North America, the Middle East and Southeast Asia.

Last month, it acquired Dubai-based Styracorp Management Services and IME Consultancy for an undisclosed amount.

Quess had said in March last year that it was evaluating various funding options, including an IPO. If it goes ahead with the public issue, it would make it the second listed firm for Canada's Fairfax in India.

IKYA Group rebranded itself as Quess last year. It was acquired by Thomas Cook in early 2013 for Rs 256 crore. The deal marked an exit for India Equity Partners, which had invested in IKYA in 2008.

IKYA was founded by serial entrepreneur Ajit Isaac, who sold PeopleOne Consulting to Swiss staffing giant Adecco in 2004.

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