Hexaware Technologies to acquire SMC Squared in a cash deal of ₹120 million to up its GCC play
Regarding the acquisition, Hexaware stated that India remained a strategic growth market for the company. The Global Capability Center (GCC) segment was experiencing exponential growth in the country, with the market projected to exceed $100 billion by 2030. 'This presents a significant opportunity for Hexaware to expand its footprint and deepen its capabilities in this space,'' it said in the filing.
By acquiring SMC, Hexaware would gain established GCC expertise through SMC's proven playbook and relationships in the mid-market GCC segment, and the buyout was also expected to give a boost to its go-to-market strategy, it said on BSE.
SMC has a total workforce of around 500 employees, with offices in India and delivery centers in India, in Bengaluru and Hyderabad.
'Our clients are increasingly looking for GCC partners who bring more than staffing or infrastructure,' said Amrinder Singh, President & Head – EMEA & APAC Operations, Hexaware. 'With SMC Squared, we gain proven governance, delivery credibility, and scale in areas where execution strength is non-negotiable. This acquisition enables us to deliver long-term value to enterprises, leveraging our human and digital agent-driven model and proprietary IT delivery platforms.'
The acquisition was a strategic step in Hexaware's mission to deliver future-proof GCC solutions that go beyond cost efficiency, anchored in a combined human and digital agent-driven model, it said in a communique.
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