Quess Corp is doing pretty well. From its close of yesterday at Rs.587.55, the stock opened at Rs.594 and went on to hit an intraday high at Rs.612. Its 20% UC of the day is at Rs.705.05.
The company today announced acquisition of the 30% residual stake in Conneqt Business Solutions (Conneqt), pursuant to the Put Option notice by Tata Sons.
With this transaction, Conneqt will become a wholly owned subsidiary of Quess.
Conneqt, is a CLM and BPM services provider in India and operates 21+ delivery centers with 29,000+ employees. Quess had acquired 51% of Conneqt in November 2017 and further increased its stake in Conneqt from 51% to 70% in May 2019 via infusion of primary capital, which was used to fund the acquisition of Allsec Technologies, a listed CLM and HRO services provider.
The combined strength of Conneqt and Allsec provides Quess a substantial base to expand its CLM and BPM capabilities with greater emphasis on digital services and international expansion. Full ownership of Conneqt will enable Quess to optimally realize synergies between various divisions of Quess, Conneqt and Allsec, accelerating its growth in the IT/ITES space.