Genpact, which provides outsourcing services
to the leasing industry, reported US private equity firm Bain
Capital Partners has purchased a 30% shake in the company for
$1bn.
N.V. “Tiger” Tyagarajan, Genpact’s president
and chief executive, said the investment by Bain Capital was hugely
positive for the company.
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“Bain Capital’s decision to invest in Genpact
is a vote of confidence in the company and our business model, our
differentiated service offerings, the value we deliver to our
clients and the strength of the management team.”
Bain Capital will name four directors to the
Indian business technology firm’s board although the firm will
remain an independent public company with its management team
continuing to pursue its long-term strategic objectives.
Bain Capital has agreed not to sell any
Genpact shares for a period of two and a half years subject to
limited exceptions.
The deal, for approximately 68 million Genpact
common shares at $14.76 per share, was announced on the same day as
Genpact’s second quarter results which showed 54% year-on-year
growth in net income to $62.8m for the period and 17.6% revenue
growth.
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By GlobalDataGenpact accredits the revenue growth
primarily toan increase in business from its business process and
technology services clients, up 19.8% and 38.4% respectively.
Tyagarajan said he was pleased with another
“great quarter” with strong growth in revenues, adjusted operating
income, net income and earnings-per-share.
“Revenue growth was broad based across all our
geographies, including Europe, and all major service lines
including finance and accounting.
“We established 35 new client relationships
this quarter across all major industry groups, up from 26 in the
second quarter of 2011. Our results continue the momentum we have
had since the beginning of 2011.”
