What is the logic of Quess Corp buying out a majority stake in Conneqt from the Tata group?
Answer
Answer
Quess acquired the balance 30%, it did not hold in Conneqt, from Tata Sons. Earlier, Quess had purchased 51% of Conneqt in 2017 and had added another 19% in the year 2019. Now with the balance 30% acquired from Tata Sons, Quess owns the full 100% of Conneqt. Quess is a business services platform Conneqt is a business solutions provider. Quess paid a consideration of Rs.208 crore to Tata Sons for the stake.
Combined with the earlier acquisition of ALLSEC, now the added heft of Conneqt will help Quess to expand its CLM and BPM capabilities with a specific emphasis on digital services and international expansion. This is expected to further accelerate Conneqt’s transition to non-voice services. Conneqt services clients via its 21 delivery centres and 29,000 people.