Hexaware Technologies is back in the spotlight with a bold acquisition move aimed at deepening its footprint in the rapidly expanding Global Capability Center (GCC) ecosystem. On July 17, the company confirmed it has signed definitive agreements to acquire Tech SMC Square India Private Limited and Tech SMCSquared (GCC) India Private Limited in an all-cash transaction valued at up to ₹1,029 crore (approximately USD 120 million).
This acquisition signals Hexaware’s growing ambition to become a dominant player in the IT and ITeS space, especially within the high-growth GCC segment. The deal structure includes an upfront payment of USD 45 million, with additional performance-based earnouts of up to USD 75 million, highlighting confidence in the target companies’ strong business momentum. The acquisition is expected to close on the same day, subject to customary closing conditions.
The companies being acquired are part of the broader SMC Group, which also includes SMC Squared, LLC based in the United States. In 2024, the two Indian entities recorded a combined revenue of USD 22.58 million, more than tripling their turnover since 2022, when it stood at USD 7.34 million. This steady growth trajectory underscores their robust service delivery model and increasing relevance in the GCC landscape. With delivery centers located in Bengaluru and Hyderabad and a U.S.-based go-to-market presence, the SMC companies bring a workforce of around 500 skilled professionals into Hexaware’s fold.
Founded by Patricia and Steven, the SMC brand has carved out a strong niche for itself in helping Fortune 500 enterprises and high-growth startups set up and scale their GCC operations. Their domain expertise, client network, and delivery infrastructure align well with Hexaware’s strategic goals of offering end-to-end digital transformation solutions across AI, cloud, data analytics, and enterprise modernization.
For Hexaware, this is not just an expansion of operational capacity—it’s a strategic leap forward in capturing enterprise demand for optimized GCC setups. The acquisition will enhance Hexaware’s market reach, strengthen client offerings, and reinforce its position in the digital services value chain.
Notably, the transaction is entirely independent and non-related, with no prior involvement from Hexaware’s promoters or group companies. Furthermore, the acquisition does not require any government or regulatory approvals, simplifying the execution process.
