Business services platform Quess Corp today said it has bought the rest 30% of Conneqt Business Solutions from Tata Sons for Rs 208 crore ($28 million).
Late last year, it had signed a deal to buy out Tata Sons from the BPO (business process outsourcing) unit.
Conneqt has now become a wholly owned subsidiary of Quess.
Quess had acquired 51% of Conneqt in November 2017 before increasing its stake to 70% in May 2019 via purchase of fresh shares. The proceeds from the fresh share sale were used to fund the acquisition of Allsec Technologies.
“Conneqt has performed remarkably since we acquired it in 2017. The consolidation of our holding will further accelerate Conneqt’s transition to non-voice services as the business benefits from triple tailwinds of virtualisation, digitisation, and automation,” said Suraj Moraje, group chief executive officer and managing director of Quess.
Established in Bengaluru in 2007, Quess provides large and emerging companies with outsourcing and technology offerings.
Conneqt, which operates over 20 centres, delivers to over 120 clients in India, the US, the UK and the Middle East.