Hexaware Technologies Limited has informed the Exchange about Acquisition of Tech SMC Square India Private Limited and Tech SMCSquared (GCC) India Private Limited ,
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Hexaware Technologies has signed two Share Purchase Agreements on July 17, 2025 to acquire 100% of SMC Squared's India and GCC India entities for an all-cash consideration of up to USD 120 million (around INR 1,029 crore). The deal includes USD 45 million upfront, up to USD 45 million in earnouts, and up to USD 30 million in outperformance bonus, subject to closing conditions. SMC Squared is a niche Global Capability Center (GCC) services player with about 500 employees and turnover of USD 22.58 million (~INR 189 crore) in CY2024, having set up over 30 GCCs for Fortune 500 clients. The acquisition is expected to close on the same day and does not require any government or regulatory approvals, nor is it a related-party transaction. India is described as a strategic growth market, and the GCC segment is projected to cross USD 100 billion by 2030.
This is a strategic, cash-funded acquisition that strengthens Hexaware's GCC service line and India delivery footprint without equity dilution. The deal size is meaningful relative to Hexaware's scale and signals aggressive expansion into a high-growth segment, which is likely to be viewed positively by investors if integration delivers on the earnout milestones.