Quess Corp to acquire remaining stake in Conneqt
Business services provider Quess Corp on Friday said it will acquire the remaining 30% equity stake in Conneqt Business Solutions Ltd from Tata Sons for Rs 208 crore.
With this transaction, Conneqt will become a wholly-owned subsidiary of Quess.
Quess had acquired 51 per cent 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 Ltd.
This investment will provide Quess full and complete ownership over Conneqt, allowing it to better realise synergies between its various divisions, Conneqt and Allsec. It will also strengthen Quess’ position to accelerate growth in the IT/ITES space.
The consolidation of holding in Conneqt is an affirmation of Quess’ continued commitment to Conneqt, its employees and customers.
This will further accelerate Conneqt’s transition to non-voice services as the business benefits from the triple tailwinds of virtualisation, digitisation, and automation while providing more opportunities to realise synergies with Quess.
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