Hexaware Technologies is making a major strategic bet on the fast-growing Global Capability Center (GCC) segment with its latest acquisition. On July 17, the company announced it had signed agreements to acquire Tech SMC Square India Private Limited and Tech SMCSquared (GCC) India Private Limited in an all-cash deal worth up to ₹1,029 crore (USD 120 million).
This move is aimed at expanding Hexaware’s footprint in the IT and ITeS sector, specifically within the high-growth GCC space in India. The deal includes an upfront payout of USD 45 million, with additional earnouts of up to USD 75 million based on performance metrics. The transaction is expected to close on the same day, July 17, subject to closing formalities.
The two target companies are part of the SMC Group, which also includes SMC Squared, LLC in the United States. Together, they generated a combined turnover of USD 22.58 million in 2024, showing strong year-over-year growth from USD 7.34 million in 2022 and USD 14.35 million in 2023. SMC operates delivery centers in Bengaluru and Hyderabad, with a go-to-market office in the U.S., and employs around 500 people.
Founded by Patricia and Steven, SMC has built a solid reputation in the GCC ecosystem by helping set up over 30 GCCs for clients ranging from Fortune 500 companies to fast-scaling startups. Hexaware sees this acquisition as a chance to strengthen its capabilities, accelerate its go-to-market strategy, and provide integrated solutions across AI, cloud, analytics, and modernization for clients aiming to optimize their GCCs.
Importantly, this transaction is not a related party deal—Hexaware’s promoters and group companies have no prior interest in SMC. Also, no government or regulatory approvals are required for the acquisition.
