Hexaware Technologies Limited has informed the Exchange regarding 'Press Release-Hexaware acquired Tech SMC Square India Private Limited and Tech SMCSquared (GCC) India Private Limited ,'.
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Hexaware Technologies has acquired SMC Squared, a US-headquartered firm that helps global companies set up Global Capability Centers (GCCs) in India. The deal is worth $90 million upfront plus earnouts, with an additional $30 million in potential outperformance bonuses — all in cash. SMC Squared had revenue of about $22 million in CY2024 and ~$16 million in H1 2025, employs around 500 people across Bengaluru and Hyderabad, and serves clients including Papa John's and several Fortune 500 companies. Hexaware plans to launch a new 'GCC 2.0' service line combining SMC Squared's GCC build-operate expertise with Hexaware's AI and platform-led delivery model, targeting India's fast-growing GCC market projected to cross $100 billion by 2030. SMC Squared's leadership, including CEO Patricia Connolly and COO Steven Stephan, will continue managing the business under Hexaware.
This acquisition strengthens Hexaware's presence in the high-growth GCC market and adds US-based enterprise clients, potentially boosting future revenue and deal pipeline. For shareholders, the deal signals aggressive inorganic growth strategy, though the cash outflow of up to $120M and integration risks in a competitive IT services market warrant close monitoring.