IT & ITES News

xoriant: IT services provider Xoriant acquires Bengaluru-based consulting firm Thoucentric

[ad_1]

Mid-tier IT firm Xoriant has announced the acquisition of Bengaluru-based consulting firm Thoucentric which focuses on digital solutions in supply chain, sales and distribution and finance domains, for an undisclosed sum.

Thoucentric, set up in 2015, has been working with companies in the global consumer and packaged goods (CPG) industry, new-age tech and startup ecosystems. It has an employee base of more than 450 business and technology consultants across six locations. The acquisition will result in Xoriant’s headcount jumping by 10% from its current base of 5,000, the press release said.

“Through this strategic acquisition, Xoriant aims to enhance its services by incorporating consulting into its portfolio. This addition paves the way for a comprehensive global provision of consulting, technology, and transformative solutions,” the press release added.

Xoriant’s proficiencies in artificial intelligence (AI) and data, cloud, security, and operational services along with Thoucentric’s expertise in domain knowledge and digital consulting will help clients reach their digital transformation goals, the release said. According to sources privy to the matter, estimated Thoucentric’s revenue is approximately $10 million on an annual basis.

In January, private equity firm ChrysCapital had acquired Xoriant, a software engineering and digital IT services provider to Fortune 100 companies. This is the second buyout from ChrysCapital’s ninth fund and its ninth business services buyout since inception. The financial details of the deal were not disclosed. Sources, however, told ET that the company had been acquired for $250 million.

“Our customer needs and market-facing trends show that they are seeing higher value. Therefore it becomes important for us to graduate in terms of our competency and capabilities to drive that value,” said Sukamal Banerjee, chief executive at the company.

Discover the stories of your interest


“We are into digital engineering work. The primary driver for this acquisition is capability–they have significant domain knowledge in process consulting, change management and business application implementation in supply chain, sales and distribution, finance areas,” Banerjee told ET. Banerjee was appointed as the head of the Silicon Valley-based firm in March. He previously worked with HCLTech for more than 2 -years and most recently led digital engineering business across technology semiconductor and telecom markets. Reportedly, these businesses contribute more than $1 billion annually to HCLTech’s revenue.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.

[ad_2]

Source link