Quess Corp to acquire a majority stake in Tata Business Support Services
Mumbai November 20, 2017: Quess Corp Limited (“Quess”), India’s leading integrated business services provider, announced today that it has signed a definitive agreement withTata Sons and Tata Capital to acquire a 51% stake in Tata Business Support Services (“TBSS”). Tata Sons will hold the remaining 49%. The transaction is expected to close in the next few weeks, subject to the fulfilment of customary closing conditions. Shortly after closing, following the conclusion of the appropriate regulatory formalities, the company is also expected to rebrand itself to showcase its new corporate identity.
Tata Business Support Services is among India’s premier Customer Experience (CX) management companies, with over ten years of sectoral expertise. The company serves diverse third-party clients in the BFSI, Auto &Manufacturing, Telecom& Media, Retail and in emerging industries, in India and abroad, with an employee strength of ~27,000 employees, handling ~500 million customer transactions every year. Headquartered in Hyderabad, the company has a Unique “One India” model, comprising 27 delivery centres.
Mr. Ajit Isaac, Chairman and Managing Director of Quess Corp, said, “We are excited about our partnership with the Tata Group. This investment marks a significant milestone for Quess in its journey to build a world class business services platform. We are confident that TBSS’ digital capabilities and roster of marquee clients will help us further grow this platform. CX has been a key focus area for us and will continue to see further investments from our side. This acquisition is in line with our investment philosophy of backing great management teams and creating superior long-term value for our shareholders.”
Mr. Praveen Kadle, Chairman of TBSS and Managing Director of Tata Capital, said, “The Tata group has nurtured TBSS over the last ten years over which time, it has grown to become a significant CX solution provider in the Indian business process outsourcing industry. The addition of Quess will further expand the company and let it continue to grow from strength to strength.”
Mr. Srinivas Koppolu, Chief Executive Officer, and his team, will continue to lead the Company. Commenting on the transaction, Mr. Koppolu said, “We are excited to be part of this journey. With the additional support of Quess, we are confident that we can expand into newer markets, acquire the latest digital competencies and provide stronger career opportunities to our employees, all the while offering better value to our customers and stake holders.”
This document contains statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. These statements can be recognized by the use of words such as ”expects”, “plans”, ‘will”, “estimates”, “projects”, or other words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in such forward-looking statements as a result of various factors and assumptions, which the Company believes to be reasonable in light of its operating experience in recent years. The risks and uncertainties relating to these statements include, but not limited to, risks and uncertainties, regarding fluctuations in earnings, our ability to manage growth, competition, our ability to manage our international operations, government policies, regulations, etc. The Company does not undertake any obligation to revise or update any forward looking statement that may be made from time to time by or on behalf of the Company including to reflect actual results, changes in assumptions or changes in factors affecting these statements.