Quess Corp to acquire majority stake in Tata Business Support Services
21 November 2017
Hyderabad-based Quess Corp, a business services provider, signed a definitive agreement with Tata Sons and Tata Capital to acquire a 51-per cent stake in the Tata Group's BPO arm Tata Business Support Services (TBSS) for upto Rs153 crore.
The remaining 49 per cent will be held by Tata Sons. The transaction is expected to close in the next few weeks, subject to the fulfilment of customary closing conditions, Quess said in a BSE filing.
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.
TBSS is a customer experience (CX) management company, with over 10 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.
It employs about 27,000 personnel and has 27 delivery centres.
''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,'' Ajit Isaac, chairman and managing director of Quess Corp, said.
Praveen Kadle, chairman of TBSS and managing director of Tata Capital, said, ''The Tata group has nurtured TBSS over the last 10 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.''