Company type | Public |
---|---|
NYSE: G S&P 400 Component | |
ISIN | BMG3922B1072 |
Industry | Information technology Consulting Outsourcing [1] [2] |
Founded | 1997 Gurgaon, India |
Headquarters | New York City, New York, U.S. |
Key people | Balkrishan "BK" Kalra (CEO) [3] |
Revenue | $4.48 billion (2023) |
$736 million (2023) | |
$631 million (2023) | |
Total assets | $4.81 billion (2023) |
Total equity | $2.25 billion (2023) |
Number of employees | 125,000 (2023) |
Website | www |
Footnotes /references [4] |
Genpact Ltd. is an American information technology services, consulting, and outsourcing company headquartered in New York City, New York. Founded in Gurgaon, India, and legally domiciled in Bermuda, Genpact 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]
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]
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]
On February 9, 2024, Balkrishan Kalra (“BK”) assumed the role of President and CEO. He replaced Tiger Tyagarajan, who retired. [27]
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. [28] MHRA and Genpact announced an expansion of the partnership in January 2022. [29] In August 2021, Genpact signed a multi-year digital transformation contract with Coca-Cola Beverages in Africa. [30] [31]
During the COVID-19 pandemic, Genpact opened its internal learning and reskilling platform, "Genome", to public access. [32]
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]
Genpact operates worldwide and is currently active in more than 30 countries. [48]
Genpact is managed by a leadership team of 13 members (2024), that the company refers to as Genpact Leadership Council. [49]
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]
General Electric Company (GE) was an American multinational conglomerate founded in 1892, incorporated in the state of New York and headquartered in Boston. The company had several divisions, including aerospace, energy, healthcare, and finance.
Outsourcing is a business practice in which companies use external providers to carry out business processes, that would otherwise be handled internally. Outsourcing sometimes involves transferring employees and assets from one firm to another.
Infosys Limited is an Indian multinational technology company that offers business consulting, information technology, and outsourcing services. Founded in 1981, the company is headquartered in Bengaluru.
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UST, formerly known as UST Global, is a provider of digital technology and transformation, information technology and services, headquartered in Aliso Viejo, California, United States. Stephen Ross founded UST in 1998 in Laguna Hills. The company has offices in the Americas, EMEA, APAC, and India.
Infosys BPM Limited, the business process management subsidiary of Infosys, was founded in April 2002. Infosys BPM provides integrated outsourcing and transformation services. It is headquartered in Bengaluru, India.
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Pramod Bhasin stepped down as President and CEO of Genpact, one of the largest IT and software consultancy company, becoming non-executive Vice Chairman in 2011.
Softtek is a Mexico-based information technology company, operating in North America, Latin America, Europe and Asia. Headquartered in Monterrey, Mexico, the company has 15,000 associates in Mexico and abroad and is the largest private IT vendor in Latin America. The company offers application software development, testing, security and support; business process outsourcing (BPO); and IT infrastructure management, security and support to more than 400 corporations in more than 20 countries. It also acts as a value added reseller (VAR) for SAP, Microsoft, Blue Yonder, AWS and other software products. The company has trademarked the term "nearshoring" to describe the provision of outsourced services to customers in other countries that are in proximity.
Exlservice Holdings, Inc. is a global analytics and digital solutions company serving industries including insurance, healthcare, banking and financial services, media, retail, and others. The company is headquartered in New York and has more than 54,000 professionals in locations throughout the United States, Europe, Asia, Latin America, Australia and South Africa.
Mphasis Limited is an Indian multinational information technology service and consulting company based in Bangalore. The company provides infrastructure technology and applications outsourcing services, as well as architecture guidance, application development and integration, and application management services. It serves financial services, telecom, logistics, and technology industries. Mphasis was ranked #7 in Indian IT companies and overall #189 by Fortune India 500 in 2019. In April 2016, Hewlett Packard Enterprise sold the majority of its stake in Mphasis to Blackstone Group LP for around US$1 billion.
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Aptara, Inc. is a US-based media company specializing in digital content development. It is headquartered in Falls Church, Virginia. Aptara's services include content production, digital publishing, data conversion, editorial services, eLearning and technology development, legal content solutions, and business process outsourcing (BPO). Its customers include publishers, information aggregators, professional societies, universities and corporations worldwide.
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B2X GmbH is a German customer service outsourcing company founded in 2007 in Munich, Germany by Karim Barkawi. B2X is based on the platform SMARTCARE Technology and services smartphone and electronic device manufacturers, insurance providers, mobile network operators, and retailers.
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