BackQuess Corp. acquires US-based IT services firm MFXchange Holdings
Quess acquired an additional 51% stake in MFXchange, after a 49% stake acquisition in November 2014
Premium
Mumbai: Quess Corp. Ltd, a business services provider owned by Thomas Cook (India) Ltd, on Friday announced in a filing to stock exchanges that it has acquired an additional 51% stake in outsourcing solutions firm MFXchange Holdings Inc. from Fairfax Financial Holdings Ltd.
Post the transaction Quess now completely owns MFX. It had acquired a 49% stake in the company in November 2014.
Thomas Cook (India) is a subsidiary of Fairfax.
Based out of the US, MFX is a service provider of cloud-based information technology applications and outsourcing solutions for the US commercial property and casualty insurance industry.
“The acquisition is expected to strengthen Quess’s global technology solutions business segment due to MFX’s presence in the niche insurance-focused IT products and solutions space in North America," the filing said.
Global technology solutions is one of the four business verticals across which Quess operates. Staffing services, facilities management and industrial asset management are the other business interests of the firm. The company employs around 15,000 people and operates in eight countries.
The Thomas Cook subsidiary is planning an initial public offering (IPO), Mint reported in July last year. The company intends to raise ₹ 700 crore through the IPO. On 22 December, the Quess board approved the IPO.
Thomas Cook acquired Quess Corp. in February 2013. The firm was earlier known as IKYA Human Solutions.
Quess has pursued an aggressive acquisitions strategy to boost growth. In June this year, the firm entered an agreement to acquire a 49% stake in Transfield Services (Qatar) WLL, which operates in the oil and gas market in Qatar. In February, it acquired the Indian facility management business of American multinational Aramark, which operates in hospitality and healthcare facility management.
Last year, it also acquired Canadian information technology and engineering professional staffing firm Brainhunter Companies Llc and Chennai-based industrial asset management firm Hofincons Infotech and Industrial Services Pvt. Ltd.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
