Genpact

Genpact Ltd.
Company typePublic
NYSE: G
S&P 400 Component
ISINBMG3922B1072
IndustryInformation technology
Consulting
Outsourcing[1][2]
Founded1997; 27 years ago (1997)
Gurgaon, India
HeadquartersNew York City, New York, U.S.
Key people
Balkrishan "BK" Kalra (CEO)[3]
RevenueIncrease $4.48 billion (2023)
Increase $736 million (2023)
Increase $631 million (2023)
Total assetsIncrease $4.81 billion (2023)
Total equityIncrease $2.25 billion (2023)
Number of employees
125,000 (2023)
Websitewww.genpact.com
Footnotes / references
[4]

Genpact Ltd. is an American multinational information technology services, consulting, and outsourcing company headquartered in New York City, New York. Founded in Gurgaon, India, and legally domiciled in Bermuda, Genpact currently employs more than 125,000 people and provides services to clients in over 30 countries worldwide. Genpact is listed on the NYSE and generated revenues of US$4.48 billion in 2023.[5]

History

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Founding and early developments

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Genpact was founded in 1997 as a unit of General Electric.[6] The company was founded as GE Capital International Services (GECIS) in Gurgaon. Starting with 20 employees under the leadership of CEO Pramod Bhasin, its charter was to provide business process outsourcing solutions to GE's businesses.[7][8] In the beginning, GECIS created processes for outsourcing back-office activities for GE Capital such as processing car loans and credit card transactions. It was an experimental concept at the time and the beginning of the business process outsourcing (BPO) industry.[7][9]

One year after its launch, GECIS employed about 800 people and generated revenues of US$4 million.[10] By 2001, GECIS operations had grown to 12,000 employees and the company began to manage a wide range of processes across GE's financial services and manufacturing businesses.[10] Jack Welsh, CEO of GE at the time, said that GECIS was a key driver of GE’s growth between 1998 and 2001, and was responsible for reducing operating costs by approximately US$1 billion.[9]

In 2003, GE reduced its stake in GECIS to 40% and sold the remainder to two American private equity firms. At the time of the sale, GECIS employed around 13,000 people in India and 4,000 people in the US, China, Hungary and Mexico, providing a range of solutions in areas such as finance and accounting, insurance claim processing, IT management and technical support.[11][12]

By 2004, GECIS oversaw around 700 business processes for GE that had migrated from the US to India, generating revenues of US$426 million.[9]

Independence and international growth

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In January 2005, the company became independent and started to serve clients outside of GE.[13] As part of this transition, the company changed its name to Genpact for “generating business impact.”[14] Also in 2005, the company opened additional offices in India and by the end of the year, recorded US$493 million in revenue, with 15% coming from new global clients, and the remaining 85% from GE.[9] In 2006, Genpact further expanded in India, the Philippines, Mexico and China.[15]

In August 2007, Genpact was listed on the NYSE under the symbol 'G'. The company continued to grow, opening offices in six additional countries that same year and launching a joint venture with the Indian company NDTV to offer outsourcing services for the media industry.[16][17] In 2008, the company crossed US$1 billion in revenue, with 53% coming from clients other than GE.[9]

From 2010 onward, the company increasingly focused its operations and presence in Europe and the US. As part of its shift west, the company moved its headquarters to New York and in 2011, Bhasin stepped down as CEO and became non-executive vice chairman of the company.[18][19] He was succeeded on 17 June 2011 by NV "Tiger”" Tyagarajan,[20] who was appointed to the Board of Directors and became Genpact's new CEO.[21] Tyagarajan was previously CEO of Genpact from 1999 to 2002, when he led the business through a critical growth phase as a subsidiary of GE.[22] When Genpact became an independent company, he rejoined the firm from GE Capital U.S. as executive vice president of sales and business development from 2005 to 2009. Thereafter, he took on the role of the firm's chief operating officer, before being named CEO in 2011.

Bain Capital became the firm's largest shareholder in October 2012.[23]

In February 2019, Genpact contractors in Hyderabad who were assigned content moderation tasks for Facebook reportedly experienced psychological trauma while evaluating videos depicting suicide, torture, terrorism, and pornography.[24][25][26]

Recent developments

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On February 9, 2024, Balkrishan Kalra (“BK”) assumed the role of President and CEO. He replaced Tiger Tyagarajan, who retired.[27] BK was previously Genpact's Global Business Leader, Financial Services and Consumer & Healthcare.[28]

In September 2020, UK Medicines and Healthcare products Regulatory Agency contracted Genpact to supply an Artificial intelligence software tool to process the expected high volume of COVID-19 vaccine Adverse drug reactions to ensure that no details from the ADRs reaction texts are missed.[29] MHRA and Genpact announced an expansion of the partnership in January 2022.[30] In August 2021, Genpact signed a multi-year digital transformation contract with Coca-Cola Beverages in Africa.[31][32]

During the COVID-19 pandemic, Genpact opened its internal learning and reskilling platform, "Genome", to public access.[citation needed]

That same year, the company expanded its operations in Germany, and was added to the S&P 400 Mid-Cap Index.[33] The company also signed an agreement with the National Institute of Industrial Engineering in Mumbai to establish a Digital Manufacturing and Supply Chain center, supporting the transformation from traditional to digital manufacturing.[34]

In 2022, Genpact was added to the Bloomberg Gender Equality Index.[35]

Acquisitions

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  • April 2011: Headstrong, a software services company based in Noida[36]
  • April 2016: Endeavour Software Technologies, an enterprise mobility software company[37][38]
  • August 2017: TandemSeven, an experience design company[39]
  • September 2017: OnSource, a provider of an Inspection-as-a-Service (IaaS) product for property and casualty (P&C) insurance carriers and their customers[40][41]
  • June 2018: Commonwealth Informatics, a provider of cloud-based drug safety analytics products and services for medical research and healthcare delivery[42]
  • July 2018: Barkawi Management Consultants, a supply chain management firm[43][44]
  • January 2019: riskCanvas, an end-to-end Financial Crimes software platform[45]
  • October 2019, Rightpoint, a digital consultancy[46]
  • January 2021: Enquero, a data engineering and analytics firm[47]

Corporate affairs

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Organizational structure

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Genpact operates worldwide and is currently active in more than 30 countries.[48]

Management structure

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Genpact is managed by a leadership team of 13 members (2024), that the company refers to as Genpact Leadership Council.[49]

Products

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In June 2017, Genpact announced Genpact Cora, an artificial intelligence (AI)-based platform for enterprises.[50] The platform has an application program interface (API) design and open architecture that includes Genpact’s own intellectual property as well as other providers.[51] The platform's claimed benefits include deciphering large chunks of data, seamless customer service, faster financial reporting, and increasing speed to market.[52]

See also

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References

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  1. ^ https://www.nasdaq.com/articles/genpact-g-benefits-from-a-strong-position-in-bpo-market [bare URL]
  2. ^ "Genpact Leader in BPO for AML and KYC".
  3. ^ "Genpact Announces CEO Succession Plan". www.prnewswire.com (Press release). Archived from the original on 9 December 2023. Retrieved 8 February 2024.
  4. ^ "Genpact Limited 10-K Report 2023". Retrieved 2 March 2024.
  5. ^ "Genpact Ltd (G) Stock Price & News - Google Finance". www.google.com.
  6. ^ "Genpact (G)". Forbes. Archived from the original on 20 May 2022. Retrieved 4 April 2022.
  7. ^ a b Bhasin, Pramod (1 June 2011). "How I Did It: Genpact's CEO on Building an Industry in India from Scratch". Harvard Business Review. ISSN 0017-8012. Archived from the original on 7 October 2022. Retrieved 4 April 2022.
  8. ^ "BPO pioneer Bhasin quits as Genpact CEO - Times of India". The Times of India. TNN. 17 May 2011. Archived from the original on 13 December 2022. Retrieved 4 April 2022.
  9. ^ a b c d e Yesudian, Suseela (2012). Innovation in India: The Future of Offshoring. United Kingdom: Palgrave Macmillan.
  10. ^ a b "BUSINESS TODAY". archives.digitaltoday.in. Archived from the original on 31 December 2021. Retrieved 6 April 2022.
  11. ^ "GE takes back seat at back office". www.telegraphindia.com. Archived from the original on 6 April 2022. Retrieved 6 April 2022.
  12. ^ "Out of captivity". The Economist. 11 November 2004. ISSN 0013-0613. Archived from the original on 7 October 2022. Retrieved 6 April 2022.
  13. ^ Rogers, Bruce. "Tiger Tyagarajan Trains Genpact To Transform Businesses". Forbes. Archived from the original on 11 April 2022. Retrieved 11 April 2022.
  14. ^ "Genpact signs deal with Durst to stay in current space". New York Post. 5 July 2018. Archived from the original on 11 April 2022. Retrieved 11 April 2022.
  15. ^ Plunkett, Jack W. (2008). Plunkett's Outsourcing & Offshoring Industry Almanac. Plunkett Research.
  16. ^ "Genpact - NDTV collaboration". 29 March 2006. Archived from the original on 14 December 2021. Retrieved 14 December 2021.
  17. ^ "Annual Report 2007-2008" (PDF). NDTV. Archived (PDF) from the original on 3 November 2021. Retrieved 14 December 2021.
  18. ^ "Pramod Bhasin to step down as Genpact CEO, NV Tyagarajan to take over". The Economic Times. Archived from the original on 11 April 2022. Retrieved 11 April 2022.
  19. ^ "Pramod Bhasin to step down as Genpact CEO, NV Tyagarajan to take over". The Economic Times. 17 May 2011. Archived from the original on 13 August 2014. Retrieved 6 August 2014.
  20. ^ "Tiger Tyagarajan of Genpact: If You're Curious, You Hold the Keys". The New York Times. 12 July 2014. Archived from the original on 25 July 2014. Retrieved 6 August 2014.
  21. ^ "NV "Tiger" Tyagarajan to Succeed Pramod Bhasin as CEO of Genpact". Bloomberg. 16 May 2011. Archived from the original on 24 September 2015. Retrieved 6 August 2014.
  22. ^ "NV 'Tiger"' Tyagarajan". The Wall Street Journal - CEO council. 2013. Archived from the original on 15 August 2014. Retrieved 6 August 2014.
  23. ^ "Our History | About Us". Genpact. Archived from the original on 6 October 2017. Retrieved 5 October 2017.
  24. ^ Vengattil, Munsif; Dave, Paresh (28 February 2019). "Some Facebook content reviewers in India complain of low pay, high pressure". Reuters. Archived from the original on 21 June 2019. Retrieved 21 June 2019.
  25. ^ Ganjoo, Shweta (1 March 2019). "Facebook content reviewers in India complain of low pay, high pressure: Report". India Today. Archived from the original on 8 February 2024. Retrieved 21 June 2019.
  26. ^ Wong, Queenie (19 June 2019). "Murders and suicides: Here's who keeps them off your Facebook feed". CNET. Archived from the original on 5 May 2021. Retrieved 21 June 2019.
  27. ^ "Genpact Announces CEO Succession Plan". Genpact.
  28. ^ "BK Kalra - Our Leadership Team". Genpact.
  29. ^ "Tenders Electronic Daily 506291-2020". Tenders Electronic Daily. Archived from the original on 8 December 2020. Retrieved 8 December 2020.
  30. ^ "MHRA Expands Relationship with Commonwealth Informatics to Transform Drug Safety". finance.yahoo.com. Archived from the original on 15 December 2022. Retrieved 15 December 2022.
  31. ^ Bureau, TechHerald (2 August 2021). "Coca-Cola Beverages Africa, Genpact in a transformation deal". TechHerald.in. Archived from the original on 15 December 2022. Retrieved 15 December 2022. {{cite web}}: |last= has generic name (help)
  32. ^ "Coca-Cola Beverages Taps Digital and Analytics to Transform Operations in Africa". Consumer Goods Technology. 2 August 2021. Archived from the original on 15 December 2022. Retrieved 15 December 2022.
  33. ^ Hyatt, Jeff (1 July 2021). "Genpact Expands in Germany". Media & Entertainment Services Alliance. Archived from the original on 15 December 2022. Retrieved 15 December 2022.
  34. ^ "Unique pathway to promote Academia Industry Collaboration". The Economic Times. Archived from the original on 15 December 2022. Retrieved 15 December 2022.
  35. ^ Finanzen.at (2 February 2022). "Genpact Named to 2022 Bloomberg Gender-Equality Index". finanzen.at. Archived from the original on 15 December 2022. Retrieved 15 December 2022.
  36. ^ "Genpact buys IT services company Headstrong for $550mn". The Economic Times. 7 April 2011. Retrieved 12 June 2024.
  37. ^ "Genpact to Acquire Mobile Digital Solutions Provider Endeavour to Enhance Digital Transformation Capabilities" (Press release). Genpact. PR Newswire. Archived from the original on 22 January 2018. Retrieved 21 January 2018.
  38. ^ "Genpact acquires Endeavour Software Technologies". The Times of India. 8 October 2015. Archived from the original on 31 May 2018. Retrieved 21 January 2018.
  39. ^ "Genpact Acquires Digital Customer Experience Consulting Firm TandemSeven". markets.businessinsider.com. Archived from the original on 8 February 2024. Retrieved 14 December 2021.
  40. ^ "Genpact Acquires Inspection-as-a-Service Vendor OnSource | Insurance Innovation Reporter". iireporter.com. Archived from the original on 14 December 2021. Retrieved 14 December 2021.
  41. ^ "Genpact acquires US based insurance cloud provider OnSource". The Financial Express. 3 August 2017. Archived from the original on 14 December 2021. Retrieved 14 December 2021.
  42. ^ "Genpact acquires Commonwealth Informatics to transform drug safety with AI capabilities". ETCIO.com. Archived from the original on 31 July 2020. Retrieved 31 March 2020.
  43. ^ "Supply Chain Management Giant Genpact Acquiring Barkawi Management Consultants". Archived from the original on 14 December 2021. Retrieved 14 December 2021.
  44. ^ "Genpact buys Barkawi Management Consultants, adds 200 staff in 7 offices". www.consultancy.eu. 17 August 2018. Archived from the original on 14 December 2021. Retrieved 14 December 2021.
  45. ^ "Genpact Acquires riskCanvas from Booz Allen Hamilton" (Press release). Genpact. 8 January 2019. Archived from the original on 24 September 2020. Retrieved 2 May 2020.
  46. ^ "Genpact to Acquire Industry-Leading Digital Consultancy, Rightpoint" (Press release). Genpact. Archived from the original on 11 December 2019. Retrieved 11 December 2019.
  47. ^ "Genpact to Acquire Industry-Leading Data Engineering and Analytics Firm, Rightpoint" (Press release). Genpact. Archived from the original on 5 January 2021. Retrieved 5 January 2021.
  48. ^ "Workday (WDAY) to Help Expand Genpact's Global Business". Nasdaq. Archived from the original on 2 April 2022. Retrieved 4 April 2022.
  49. ^ "Management Team". Genpact. Archived from the original on 17 May 2022. Retrieved 11 April 2022.
  50. ^ "Genpact Launches Artificial Intelligence-Based Platform 'Genpact Cora'". Financial IT. Archived from the original on 6 October 2017. Retrieved 5 October 2017.
  51. ^ "Genpact Launches Artificial Intelligence-Based Platform, 'Genpact Cora'". insideBIGDATA. 2 July 2017. Archived from the original on 7 October 2017. Retrieved 5 October 2017.
  52. ^ "Genpact Launches Artificial Intelligence-Based Platform, 'Genpact Cora'". Fintech Finance. 29 June 2017. Archived from the original on 6 October 2017. Retrieved 5 October 2017.
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