Genpact Explained

Genpact Ltd.
Type:Public
Traded As:
S&P 400 Component
Foundation:
Gurgaon, India
Location:New York City, New York, U.S.
Key People:Balkrishan "BK" Kalra (CEO)[1]
Revenue: $4.48 billion (2023)
Operating Income: $736 million (2023)
Net Income: $631 million (2023)
Assets: $4.81 billion (2023)
Equity: $2.25 billion (2023)
Num Employees:125,000 (2023)
Footnotes:[2]

Genpact is an American professional services company headquartered in New York City, New York. Founded in Gurgaon, India, and legally domiciled in Bermuda, Genpact currently employs more than 125,000 people and provides services to clients in over 30 countries worldwide. Genpact is listed on the NYSE and generated revenues of US$4.48 billion in 2023.[3]

History

Founding and early developments

Genpact was founded in 1997 as a unit of General Electric.[4] The company was founded as GE Capital International Services (GECIS) in Gurgaon. Starting with 20 employees under the leadership of CEO Pramod Bhasin, its charter was to provide business process outsourcing solutions to GE's businesses.[5] [6]  In the beginning, GECIS created processes for outsourcing back-office activities for GE Capital such as processing car loans and credit card transactions. It was an experimental concept at the time and the beginning of the business process outsourcing (BPO) industry.[7]

One year after its launch, GECIS employed about 800 people and generated revenues of US$4 million.[8] By 2001, GECIS operations had grown to 12,000 employees and the company began to manage a wide range of processes across GE's financial services and manufacturing businesses. Jack Welsh, CEO of GE at the time, said that GECIS was a key driver of GE’s growth between 1998 and 2001, and was responsible for reducing operating costs by approximately US$1 billion.

In 2003, GE reduced its stake in GECIS to 40% and sold the remainder to two American private equity firms. At the time of the sale, GECIS employed around 13,000 people in India and 4,000 people in the US, China, Hungary and Mexico, providing a range of solutions in areas such as finance and accounting, insurance claim processing, IT management and technical support.[9] [10]

By 2004, GECIS oversaw around 700 business processes for GE that had migrated from the US to India, generating revenues of US$426 million.

Independence and international growth

In January 2005, the company became independent and started to serve clients outside of GE.[11] As part of this transition, the company changed its name to Genpact for “generating business impact.”[12] Also in 2005, the company opened additional offices in India and by the end of the year, recorded US$493 million in revenue, with 15% coming from new global clients, and the remaining 85% from GE. In 2006, Genpact further expanded in India, the Philippines, Mexico and China.[13]

In August 2007, Genpact was listed on the NYSE under the symbol 'G'. The company continued to grow, opening offices in six additional countries that same year and launching a joint venture with the Indian company NDTV to offer outsourcing services for the media industry.[14] [15] In 2008, the company crossed US$1 billion in revenue, with 53% coming from clients other than GE.

From 2010 onward, the company increasingly focused its operations and presence in Europe and the US. As part of its shift west, the company moved its headquarters to New York and in 2011, Bhasin stepped down as CEO and became non-executive vice chairman of the company.[16] [17] He was succeeded on 17 June 2011 by NV "Tiger”" Tyagarajan,[18] who was appointed to the Board of Directors and became Genpact's new CEO.[19] Tyagarajan was previously CEO of Genpact from 1999 to 2002, when he led the business through a critical growth phase as a subsidiary of GE.[20] When Genpact became an independent company, he rejoined the firm from GE Capital U.S. as executive vice president of sales and business development from 2005 to 2009. Thereafter, he took on the role of the firm's chief operating officer, before being named CEO in 2011.

Bain Capital became the firm's largest shareholder in October 2012.[21]

In February 2019, Genpact contractors in Hyderabad who were assigned content moderation tasks for Facebook reportedly experienced psychological trauma while evaluating videos depicting suicide, torture, terrorism, and pornography.[22] [23] [24]

Recent developments

On February 9, 2024, Balkrishan Kalra (“BK”) assumed the role of President and CEO. He replaced Tiger Tyagarajan, who retired.[25] BK was previously Genpact's Global Business Leader, Financial Services and Consumer & Healthcare.[26]

In September 2020, UK Medicines and Healthcare products Regulatory Agency contracted Genpact to supply an Artificial intelligence software tool to process the expected high volume of COVID-19 vaccine Adverse drug reactions to ensure that no details from the ADRs reaction texts are missed.[27] MHRA and Genpact announced an expansion of the partnership in January 2022.[28] In August 2021, Genpact signed a multi-year digital transformation contract with Coca-Cola Beverages in Africa.[29] [30]

During the COVID-19 pandemic, Genpact opened its internal learning and reskilling platform, "Genome", to public access.

That same year, the company expanded its operations in Germany, and was added to the S&P 400 Mid-Cap Index.[31] The company also signed an agreement with the National Institute of Industrial Engineering in Mumbai to establish a Digital Manufacturing and Supply Chain center, supporting the transformation from traditional to digital manufacturing.[32]

In 2022, Genpact was added to the Bloomberg Gender Equality Index.[33]

Acquisitions

Corporate affairs

Organizational structure

Genpact operates worldwide and is currently active in more than 30 countries.[46]

Management structure

Genpact is managed by a leadership team of 13 members (2024), that the company refers to as Genpact Leadership Council.[47]

Products

In June 2017, Genpact announced Genpact Cora, an artificial intelligence (AI)-based platform for enterprises.[48] The platform has an application program interface (API) design and open architecture that includes Genpact’s own intellectual property as well as other providers.[49] The platform's claimed benefits include deciphering large chunks of data, seamless customer service, faster financial reporting, and increasing speed to market.[50]

See also

Notes and References

  1. Genpact Announces CEO Succession Plan . www.prnewswire.com . 8 February 2024 . en . 9 December 2023 . https://web.archive.org/web/20231209080153/https://www.prnewswire.com/news-releases/genpact-announces-ceo-succession-plan-301982297.html . live .
  2. Web site: Genpact Limited 10-K Report 2023. 2 March 2024. en.
  3. Web site: Genpact Ltd (G) Stock Price & News - Google Finance . www.google.com . en-US.
  4. Web site: Genpact (G) . 2022-04-04 . Forbes . en . 20 May 2022 . https://web.archive.org/web/20220520202213/https://www.forbes.com/companies/genpact/ . live .
  5. News: Bhasin . Pramod . 2011-06-01 . How I Did It: Genpact's CEO on Building an Industry in India from Scratch . Harvard Business Review . 2022-04-04 . 0017-8012 . 7 October 2022 . https://web.archive.org/web/20221007210041/https://hbr.org/2011/06/how-i-did-it-genpacts-ceo-on-building-an-industry-in-india-from-scratch . live .
  6. Web site: TNN . May 17, 2011 . BPO pioneer Bhasin quits as Genpact CEO - Times of India . 2022-04-04 . The Times of India . en . 13 December 2022 . https://web.archive.org/web/20221213172243/https://timesofindia.indiatimes.com/business/india-business/bpo-pioneer-bhasin-quits-as-genpact-ceo/articleshow/8377252.cms . live .
  7. Book: Yesudian, Suseela . Innovation in India: The Future of Offshoring . Palgrave Macmillan. . 2012 . United Kingdom . EN.
  8. Web site: BUSINESS TODAY . 2022-04-06 . archives.digitaltoday.in . 31 December 2021 . https://web.archive.org/web/20211231090701/http://archives.digitaltoday.in/businesstoday/20060507/cover1.html . live .
  9. Web site: GE takes back seat at back office . 2022-04-06 . www.telegraphindia.com . 6 April 2022 . https://web.archive.org/web/20220406181310/https://www.telegraphindia.com/business/ge-takes-back-seat-at-back-office/cid/698971 . live .
  10. News: 2004-11-11 . Out of captivity . The Economist . 2022-04-06 . 0013-0613 . 7 October 2022 . https://web.archive.org/web/20221007043723/https://www.economist.com/business/2004/11/11/out-of-captivity . live .
  11. Web site: Rogers . Bruce . Tiger Tyagarajan Trains Genpact To Transform Businesses . 2022-04-11 . Forbes . en . 11 April 2022 . https://web.archive.org/web/20220411155654/https://www.forbes.com/sites/brucerogers/2016/09/08/tiger-tyagarajan-trains-genpact-to-transform-busunesses/ . live .
  12. Web site: 2018-07-05 . Genpact signs deal with Durst to stay in current space . 2022-04-11 . New York Post . en-US . 11 April 2022 . https://web.archive.org/web/20220411155654/https://nypost.com/2018/07/04/genpact-signs-deal-with-durst-to-stay-in-current-space/ . live .
  13. Book: Plunkett, Jack W. . Plunkett's Outsourcing & Offshoring Industry Almanac . Plunkett Research . 2008 . en.
  14. Web site: 2006-03-29. Genpact - NDTV collaboration. 2021-12-14. en. 14 December 2021. https://web.archive.org/web/20211214145128/https://www.filmibeat.com/television/news/2006/genpact-ndtv-venture-290306.html. live.
  15. Web site: Annual Report 2007-2008. 2021-12-14. NDTV. 3 November 2021. https://web.archive.org/web/20211103032344/https://www.ndtv.com/convergence/ndtv/corporatepage/pdf/AnnualReport2007-08.pdf. live.
  16. News: Pramod Bhasin to step down as Genpact CEO, NV Tyagarajan to take over . The Economic Times . 2022-04-11 . 11 April 2022 . https://web.archive.org/web/20220411161900/https://economictimes.indiatimes.com/pramod-bhasin-to-step-down-as-genpact-ceo-nv-tyagarajan-to-take-over/articleshow/8382288.cms . live .
  17. News: 17 May 2011 . Pramod Bhasin to step down as Genpact CEO, NV Tyagarajan to take over . The Economic Times . 6 August 2014 . 13 August 2014 . https://web.archive.org/web/20140813002308/http://articles.economictimes.indiatimes.com/2011-05-17/news/29552234_1_genpact-s-coo-nv-tiger-tyagarajan-genpact-board . live .
  18. News: 12 July 2014 . Tiger Tyagarajan of Genpact: If You're Curious, You Hold the Keys . The New York Times . 6 August 2014 . 25 July 2014 . https://web.archive.org/web/20140725064010/http://www.nytimes.com/2014/07/13/business/tiger-tyagarajan-of-genpact-if-youre-curious-you-hold-the-keys.html . live .
  19. News: 16 May 2011 . NV "Tiger" Tyagarajan to Succeed Pramod Bhasin as CEO of Genpact . Bloomberg . 6 August 2014 . 24 September 2015 . https://web.archive.org/web/20150924143633/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aAwFUJ3kj328 . live .
  20. News: 2013 . NV 'Tiger"' Tyagarajan . The Wall Street Journal - CEO council . 6 August 2014 . 15 August 2014 . https://web.archive.org/web/20140815031536/http://ceocouncil.wsj.com/?speakers=367 . live .
  21. Web site: Our History About Us. Genpact. 5 October 2017. 6 October 2017. https://web.archive.org/web/20171006212404/http://www.genpact.com/about-us/our-history. live.
  22. News: 21 June 2019. Some Facebook content reviewers in India complain of low pay, high pressure. Reuters. 28 February 2019. Munsif. Vengattil. Paresh. Dave. 21 June 2019. https://web.archive.org/web/20190621054331/https://www.reuters.com/article/us-facebook-content-india-feature-idUSKCN1QH15I. live.
  23. Web site: Shweta. Ganjoo. 1 March 2019. 21 June 2019. Facebook content reviewers in India complain of low pay, high pressure: Report. India Today. 8 February 2024. https://web.archive.org/web/20240208170859/https://www.indiatoday.in/technology/news/story/facebook-content-reviewers-in-india-complain-of-low-pay-high-pressure-report-1468087-2019-03-01. live.
  24. Web site: Queenie. Wong. 21 June 2019. Murders and suicides: Here's who keeps them off your Facebook feed. CNET. 19 June 2019. 5 May 2021. https://web.archive.org/web/20210505152125/https://www.cnet.com/news/facebook-content-moderation-is-an-ugly-business-heres-who-does-it/. live.
  25. Web site: Genpact Announces CEO Succession Plan . Genpact.
  26. Web site: BK Kalra - Our Leadership Team . Genpact.
  27. Web site: Tenders Electronic Daily 506291-2020. Tenders Electronic Daily. 8 December 2020. 8 December 2020. https://web.archive.org/web/20201208205042/https://ted.europa.eu/udl?uri=TED:NOTICE:506291-2020:TEXT:EN:HTML&src=0. live.
  28. Web site: MHRA Expands Relationship with Commonwealth Informatics to Transform Drug Safety . 2022-12-15 . finance.yahoo.com . en-US . 15 December 2022 . https://web.archive.org/web/20221215092855/https://finance.yahoo.com/news/mhra-expands-relationship-commonwealth-informatics-134500928.html . live .
  29. Web site: Bureau . TechHerald . 2021-08-02 . Coca-Cola Beverages Africa, Genpact in a transformation deal . 2022-12-15 . TechHerald.in . en-GB . 15 December 2022 . https://web.archive.org/web/20221215092856/https://techherald.in/technology/coca-cola-beverages-africa-genpact-in-a-transformation-deal/ . live .
  30. Web site: Coca-Cola Beverages Taps Digital and Analytics to Transform Operations in Africa . 2022-12-15 . Consumer Goods Technology . en . 15 December 2022 . https://web.archive.org/web/20221215092856/https://consumergoods.com/coca-cola-beverages-taps-digital-and-analytics-transform-operations-africa . live .
  31. Web site: Hyatt . Jeff . 2021-07-01 . Genpact Expands in Germany . 2022-12-15 . Media & Entertainment Services Alliance . en-US . 15 December 2022 . https://web.archive.org/web/20221215092856/https://www.mesaonline.org/2021/07/01/genpact-expands-in-germany/ . live .
  32. News: Unique pathway to promote Academia Industry Collaboration . The Economic Times . 2022-12-15 . 15 December 2022 . https://web.archive.org/web/20221215092855/https://economictimes.indiatimes.com/industry/services/education/unique-pathway-to-promote-academia-industry-collaboration/articleshow/86750898.cms . live .
  33. Web site: Finanzen.at . 2022-02-02 . Genpact Named to 2022 Bloomberg Gender-Equality Index . 2022-12-15 . finanzen.at . 15 December 2022 . https://web.archive.org/web/20221215092856/https://www.finanzen.at/nachrichten/aktien/genpact-named-to-2022-bloomberg-gender-equality-index-1031153760 . live .
  34. News: Genpact buys IT services company Headstrong for $550mn . 12 June 2024 . The Economic Times . 7 April 2011.
  35. Genpact to Acquire Mobile Digital Solutions Provider Endeavour to Enhance Digital Transformation Capabilities . Genpact . PR Newswire . 21 January 2018 . 22 January 2018 . https://web.archive.org/web/20180122073524/https://www.prnewswire.com/news-releases/genpact-to-acquire-mobile-digital-solutions-provider-endeavour-to-enhance-digital-transformation-capabilities-300151299.html . live .
  36. News: Genpact acquires Endeavour Software Technologies . The Times of India . 8 October 2015 . 21 January 2018 . 31 May 2018 . https://web.archive.org/web/20180531125524/https://timesofindia.indiatimes.com/business/india-business/Genpact-acquires-Endeavour-Software-Technologies/articleshow/49275123.cms . live .
  37. Web site: Genpact Acquires Digital Customer Experience Consulting Firm TandemSeven . 2021-12-14 . markets.businessinsider.com . en . 8 February 2024 . https://web.archive.org/web/20240208170643/https://markets.businessinsider.com/news/stocks/genpact-acquires-digital-customer-experience-consulting-firm-tandemseven-1002349570 . live .
  38. Web site: Genpact Acquires Inspection-as-a-Service Vendor OnSource Insurance Innovation Reporter . 2021-12-14 . iireporter.com . 14 December 2021 . https://web.archive.org/web/20211214145852/https://iireporter.com/genpact-acquires-inspection-as-a-service-vendor-onsource/ . live .
  39. Web site: Genpact acquires US based insurance cloud provider OnSource . 2021-12-14 . The Financial Express . en . 14 December 2021 . https://web.archive.org/web/20211214145851/https://www.financialexpress.com/industry/genpact-acquires-us-based-insurance-cloud-provider-onsource/792377/ . live .
  40. Web site: Genpact acquires Commonwealth Informatics to transform drug safety with AI capabilities . 31 March 2020 . ETCIO.com . 31 July 2020 . https://web.archive.org/web/20200731235005/https://cio.economictimes.indiatimes.com/news/corporate-news/genpact-acquires-commonwealth-informatics-to-transform-drug-safety-with-ai-capabilities/64554454 . live .
  41. Web site: Supply Chain Management Giant Genpact Acquiring Barkawi Management Consultants . 2021-12-14 . 14 December 2021 . https://web.archive.org/web/20211214150753/https://www.reutersevents.com/supplychain/technology/supply-chain-management-giant-genpact-acquiring-barkawi-management-consultants . live .
  42. Web site: 2018-08-17 . Genpact buys Barkawi Management Consultants, adds 200 staff in 7 offices . 2021-12-14 . www.consultancy.eu . en . 14 December 2021 . https://web.archive.org/web/20211214150801/https://www.consultancy.eu/news/1563/genpact-buys-barkawi-management-consultants-adds-200-staff-in-7-offices . live .
  43. Genpact Acquires riskCanvas from Booz Allen Hamilton . Genpact . 8 January 2019 . 2 May 2020 . 24 September 2020 . https://web.archive.org/web/20200924082723/https://www.genpact.com/about-us/media/press-releases/2019-genpact-acquires-riskcanvas-from-booz-allen-hamilton . live .
  44. Genpact to Acquire Industry-Leading Digital Consultancy, Rightpoint . Genpact . 11 December 2019 . 11 December 2019 . https://web.archive.org/web/20191211211305/https://www.genpact.com/about-us/media/press-releases/2019-genpact-to-acquire-industry-leading-digital-consultancy-rightpoint . live .
  45. Genpact to Acquire Industry-Leading Data Engineering and Analytics Firm, Rightpoint . Genpact . 5 January 2021 . 5 January 2021 . https://web.archive.org/web/20210105133051/https://www.genpact.com/about-us/media/press-releases/2021-genpact-acquires-industry-leading-data-engineering-firm-enquero-to-drive-enterprise-digital-transformation . live .
  46. Web site: Workday (WDAY) to Help Expand Genpact's Global Business . 2022-04-04 . Nasdaq . 2 April 2022 . https://web.archive.org/web/20220402192944/https://www.nasdaq.com/articles/workday-wday-to-help-expand-genpacts-global-business . live .
  47. Web site: Management Team . 2022-04-11 . Genpact . en-US . 17 May 2022 . https://web.archive.org/web/20220517200021/https://www.genpact.com/about-us/management-team . live .
  48. News: Genpact Launches Artificial Intelligence-Based Platform 'Genpact Cora' . Financial IT . 5 October 2017 . 6 October 2017 . https://web.archive.org/web/20171006212107/https://financialit.net/news/infrastructure/genpact-launches-artificial-intelligence-based-platform-genpact-cora . live .
  49. News: 2 July 2017 . Genpact Launches Artificial Intelligence-Based Platform, 'Genpact Cora' . insideBIGDATA . 5 October 2017 . 7 October 2017 . https://web.archive.org/web/20171007020826/https://insidebigdata.com/2017/07/02/genpact-launches-artificial-intelligence-based-platform-genpact-cora/ . live .
  50. News: 29 June 2017 . Genpact Launches Artificial Intelligence-Based Platform, 'Genpact Cora' . Fintech Finance . 5 October 2017 . 6 October 2017 . https://web.archive.org/web/20171006213453/http://www.fintech.finance/01-news/genpact-launches-artificial-intelligence-based-platform-genpact-cora/ . live .

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