Shares of Hexaware Technologies gained 2% after the company announced a major acquisition aimed at deepening its presence in India’s fast-growing Global Capability Center (GCC) space.
On July 17, Hexaware said it had signed definitive agreements to acquire Tech SMC Square India Private Limited and Tech SMCSquared (GCC) India Private Limited in an all-cash deal valued at up to ₹1,029 crore (approx. USD 120 million). The transaction includes an upfront payment of USD 45 million, with potential earnouts of up to USD 75 million tied to performance milestones.
The deal is expected to close the same day, subject to standard closing conditions.
The move marks a strategic bet by Hexaware on the booming GCC segment, which has become a hotbed of activity as global enterprises look to set up and scale offshore innovation and operations hubs in India. The two acquired entities are part of the larger SMC Group, which includes SMC Squared, LLC in the U.S., and have demonstrated impressive revenue growth—rising from USD 7.34 million in 2022 to USD 22.58 million in 2024.
SMC operates delivery centers out of Bengaluru and Hyderabad and has a U.S.-based go-to-market office. The group, founded by Patricia and Steven, has earned a solid reputation for helping build over 30 GCCs for Fortune 500 companies and high-growth startups alike. It currently employs around 500 professionals.
Hexaware sees this acquisition as an opportunity to expand its capabilities across artificial intelligence, cloud, analytics, and modernization—especially for clients looking to enhance or optimize their GCCs. It also strengthens Hexaware’s strategic positioning in offering integrated digital transformation solutions for global clients.
The company clarified that this is not a related-party transaction and does not involve any promoter or group company participation. Moreover, no regulatory or governmental approvals are required for the completion of this deal.
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