&w=3840&q=100)
Hexaware acquires full stake in SMC Squared for ₹1,029 crore in cash deal
SMC Squared builds, operates and transfers global capability centres (GCC).
"By acquiring SMC, Hexaware gains established GCC expertise: SMC's proven playbook and relationships in the mid-market GCC segment will accelerate our go-to-market strategy. We will extend SMC's offerings to our broader client base, including existing Hexaware customers," the filing said.
The aggregate consideration including contingent components for the acquisition is up to $120 million (equivalent to₹ 1,029 crore) subject to certain customary adjustments on cash, debt and taxes, the filing said.
"The breakup of consideration is $45 million upfront payout, up to $45 million of earnouts and up to $30 million outperformance earnout bonus," the filing said.
The acquisition does not require any governmental or regulatory approvals and was closed on the same day of the announcement, the company said.
Hexaware expects to deliver end-to-end solutions for clients looking to optimize and scale their GCC operations with this acquisition.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
9 hours ago
- The Hindu
Blue Flag project to be expanded to three more Chennai beach stretches
Chennai's three beaches — Thiruvanmiyur, Palavakkam and Uthandi — are expected to be developed under the Blue Flag certification programme. Further, the Greater Chennai Corporation (GCC) is set to begin work on the second phase of the Marina Beach Blue Flag project — from the Mahatma Gandhi Statue to Nochi Nagar, opposite the Karaneeswarar Koil Street. After the inauguration of the Blue Flag project at Marina Beach by the Deputy Chief Minister Udhayanidhi Stalin on Sunday, Mayor R. Priya said a total of 30 acres along Loop Road had been planned for the next stage. She further said the Detailed Project Report was being prepared for these sites, and the tender would be finalised soon. The works, estimated to cost over ₹6 crore for each beach, will be funded under the Tamil Nadu: Strengthening Coastal Resilience and the Economy Project, supported by the World Bank. The plan includes new toilets and changing rooms, wheelchair-accessible paths, solar lighting, waste bins, lifeguard stations and grey water treatment systems. Seating areas and Blue Flag programme-compliant signboards will also be installed. Dedicated access for persons with disabilities will be created, according to the GCC. 'A total ₹6.02 crore has been allocated for each beach. The works will take seven months to complete, and the beaches will then be maintained for another year under the same contract by the private party engaged,' an official said. There was no mention of shops in the proposals for any of the four Blue Flag projects. To this, the Mayor said the decision to remove shops in the first phase at Marina Beach received good response from the public. 'This is also crucial to keep the beach clean — a critical criterion for Blue Flag certification. A complex can be set up for authorised vendors, and illegal shopkeepers will be evicted as per GCC regulations,' she said.
Time of India
9 hours ago
- Time of India
Saudi Arabia remains GCC's biggest borrower in H1 2025 despite 20% YoY drop in debt issuance
The Saudi riyal was the second most-used currency after the US dollar in GCC debt markets, raising $7 billion from eight issuances In the first half of 2025, Saudi Arabia retained its position as the top issuer in the Gulf Cooperation Council's debt markets, raising $47.93 billion through bonds and sukuk. While this figure reflects a nearly 20 percent drop from the same period last year, the Kingdom still commanded over half of the region's total issuances. A new report by Kuwait Financial Centre 'Markaz' provides a detailed view of the GCC's evolving fixed income landscape, highlighting shifting issuance preferences, currency trends, and sector-wise activity. Saudi Arabia at the Forefront – But Issuances Decline According to a comprehensive report by Kuwait Financial Centre (Markaz), Saudi Arabia raised $47.93 billion from 71 bond and sukuk issuances during the first six months of 2025. This accounted for 52.1 percent of total debt activity across the GCC, confirming the Kingdom's dominant role in the region's primary debt market. However, this volume represents a 19.8 percent decrease compared to $59.73 billion raised during the same period in 2024. Despite the drop, Saudi Arabia maintained a significant lead over its regional peers. Here's how other GCC countries performed in the first half of 2025, based on total issuance volume and market share: Saudi Arabia : Raised $47.93 billion through 71 issuances Accounted for 52.1% of total GCC debt issuance Down from $59.73 billion in H1 2024 (-19.8% year-on-year) United Arab Emirates (UAE) : Secured $24.03 billion from 69 issuances Represented 26.1% of the regional total Marked a 22.2% increase from the previous year Qatar : Raised $10 billion across 58 issuances Captured 10.9% of total GCC issuance Bahrain : Collected $5.62 billion from 7 issuances Made up 6.1% of the regional total Reflected a 49.7% increase year-on-year Kuwait : Issued $3.39 billion through 4 transactions Accounted for 3.7% of the GCC total Saw a 48% year-on-year increase Oman : Recorded $1.08 billion from 6 issuances Held the lowest market share at 1.2% Across the region, GCC-wide debt issuance totaled $92.04 billion from 215 issuances in H1 2025, down 5.5 percent year-on-year from H1 2024. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like When Knee Pain Hits, Start Eating These Foods, and Feel Your Pain Go Away (It's Genius) Click Here Undo This regional total reflects the combined efforts of sovereigns, corporates, and financial institutions to tap into capital markets amid changing macroeconomic conditions. In its December review, Fitch Ratings noted that total outstanding debt in the GCC surpassed $1 trillion, a milestone reflecting the maturing debt ecosystem in the Gulf. Changing issuance preferences – rise of conventional debt Markaz highlighted a shift in issuance trends within the GCC in early 2025. Conventional bonds made up 56.1 percent of total debt instruments, marking a reversal from H1 2024, where sukuk (Sharia-compliant bonds) held a majority share. In terms of value: Conventional debt issuance rose 7.8 percent year-on-year to $51.61 billion. Sukuk issuances, in contrast, declined 18.2 percent, amounting to $40.43 billion. For context, sukuk are Islamic financial certificates that provide partial ownership in an asset pool and are structured to comply with Islamic law, serving as an alternative to interest-bearing bonds. The increasing appeal of conventional bonds in 2025 appears to reflect evolving investor appetite and greater flexibility in issuance terms. The GCC debt market is continuing to diversify in both format and funding sources. Currency landscape – USD dominates, riyal follows The US dollar remained the preferred currency across the GCC primary market. In the first half of 2025: USD-denominated issuances reached $73.1 billion across 146 deals, representing 79.4 percent of total issuance volume. The Saudi riyal was the second most-used currency, with $7 billion raised from eight issuances. Currencies grouped under "other" amounted to $2 billion, of which the Hong Kong dollar contributed $682 million from 20 issuances, accounting for 0.74 percent of the region's total. A separate Fitch Ratings report from April revealed that GCC countries were responsible for over 35 percent of all emerging-market US dollar debt issued in Q1 2025, up from approximately 25 percent in 2024, excluding China. These figures underscore the continued international appeal of GCC sovereign and corporate issuances, particularly among dollar-based investors. Sector & issuer breakdown – corporates lead activity Corporate issuances surged in H1 2025, rising 67.7 percent year-on-year to reach $60.20 billion. This represented 65.4 percent of the region's total debt activity. By contrast: Government-related entities issued $11.2 billion across 11 deals, posting a modest 1.8 percent increase from the prior year. Sovereign issuances fell sharply by 48.2 percent, totaling $31.85 billion across the region. In terms of sectoral distribution: The financial sector led with $40.1 billion raised through 167 issuances, making up 43.6 percent of all activity. Government entities followed with $31.9 billion from 25 issuances. The energy sector recorded $8.6 billion from nine deals, accounting for 9.4 percent of the total. Remaining sectors together comprised 12.5 percent of total issuance. The issuance size across the GCC ranged widely, from as little as $2 million to $5 billion, reflecting varying capital needs and issuer profiles across public and private institutions.
Economic Times
16 hours ago
- Economic Times
Deloitte India, Embark forge strategic alliance to power next wave of global capability centres
Synopsis Deloitte India and Embark have formed a strategic alliance to provide comprehensive solutions for Global Capability Centres (GCCs) in India. This partnership aims to assist global enterprises in establishing and expanding their GCCs by offering services encompassing strategy, operations, infrastructure, and governance. In a move that underscores India's growing stature as the nerve centre of global enterprise transformation, Deloitte India and Embark — an integrated platform by Embassy Group — have entered into a strategic alliance to offer end-to-end solutions for Global Capability Centres (GCCs). The partnership aims to support global enterprises in building and scaling their GCCs in India through a comprehensive suite of services spanning strategy, operations, infrastructure, and over 1,800 GCCs currently operating in India — and projections ranging between 2,400 and 5,000 by 203, the alliance is looking to tap into growth. India's GCC sector has already seen economic contribution soar from $ 19 billion in 2015 to over $ 68 billion in 2024, reflecting a significant shift from cost arbitrage to strategic value creation. Today, one in three Fortune 500 companies has a GCC in India, and increasingly, mid-market firms are emerging as key players. In fact, 27% of the country's GCCs now belong to mid-sized enterprises, according to industry estimates. ' We are beginning to see significant shift in global enterprises' drivers for setting up a GCC. What started as pure capacity models for enterprise support functions are now moving towards becoming cognitive command centres housing emerging tech capabilities such as ArtificiaI Intelligence (AI), Engineering and Research & Development (ER&D) and other digital capabilities. Carrying an achievable vision of 5000 GCCs in the next five years, this sector is poised to generate US$150–US$200 billion in direct economic impact tapping talent beyond metros,' said Romal Shetty, Chief Executive Officer of Deloitte South Deloitte–Embark collaboration is designed to guide organisations across the entire GCC lifecycle — from vision and business case to legal entity setup, tax structuring, infrastructure, talent acquisition, and ongoing operations. Deloitte will bring deep transformation and advisory capabilities, while Embark, backed by Embassy Group's real estate and business ecosystem, will serve as the execution arm on the ground.' What we are seeing today is not just the growth of GCCs, but a fundamental shift in how global organisations view India as a strategic hub for innovation, beyond mere execution. Yet, many companies struggle to convert vision into reality due to a lack of a trusted advisor-led support system. This alliance with Embark is designed to solve that challenge. By bringing together complementary strengths under one roof, we enable enterprises to move from intent to impact faster, with greater confidence, proven ability and long-term scalability,' said Deepak Mowdhgalya, Partner, Deloitte India. As India cements its leadership in the global services value chain, the Deloitte–Embark alliance positions itself as a key enabler of the country's next growth frontier — turning GCCs into true engines of innovation, resilience, and enterprise agility.'Our combined strengths will enable global companies to seamlessly enter and scale in the Indian market, using world-class infrastructure,' said Aravind Maiya, Co-founder & CEO of Embark. Embark offers a one-stop platform for GCC setup, and is part of Embassy Group's broader ecosystem, which spans over 54 million sq. ft. of commercial real estate, 45 million sq. ft. of residential projects, and extensive capabilities across managed workspaces, hospitality, and education infrastructure. With Embark, Embassy aims to deliver a frictionless landing zone for global firms looking to tap into India's skilled talent and innovation ecosystem.
