Hexaware Technologies Acquires SMC Squared for USD 120 Mn to Strengthen GCC Capabilities
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Hexaware Technologies has announced the acquisition of SMC Squared, a global capability centre (GCC) enabler, for an enterprise value of USD 120 million.
According to a disclosure filed with the Bombay Stock Exchange, the transaction includes an upfront payment of USD 90 million, with additional payouts linked to performance and a USD 30 million earnout bonus earmarked for exceeding targets.
The acquisition aims to create a comprehensive GCC services stack, combining Hexaware's IT delivery strengths with SMC Squared's expertise in setting up and managing GCCs. With operations in the US and India, SMC Squared has established more than 30 GCCs using engagement models such as managed services, build-optimise-transfer, and hybrid solutions. The company reported a revenue of USD 22 million in 2024 and USD 16 million in the first half of 2025.
Hexaware recently launched its GCC 2.0 service line, which integrates SMC Squared's capabilities with its own to provide end-to-end advisory, setup, operations, and optimisation services. This move is seen as a strategic step to cater to growing enterprise demand for more robust and value-driven GCC partnerships.
"Our clients are increasingly looking for GCC partners who bring more than staffing or infrastructure," said Amrinder Singh, President and Head of EMEA and APAC Operations at Hexaware. "With SMC Squared, we gain proven governance, delivery credibility, and scale in areas where execution strength is non-negotiable."
The combined entity is expected to drive accelerated growth, particularly among Hexaware's larger accounts. The GCC industry in India has seen rapid expansion, with over 1,800 entities currently operating. Industry estimates suggest the sector could surpass USD 100 billion in revenue by 2030, up from the present USD 65 billion. GCCs are evolving into technology hubs, serving critical transformation roles for global enterprises.
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