Genpact (NYSE: G) is an American professional services firm headquartered in New York City, New York.
Genpact began in 1997 as a unit within General Electric. Its charter was to provide business process services to GE’s businesses. During the eight years that followed, it began to manage a wide range of processes across GE’s financial services and manufacturing businesses.
In January 2005, the company became independent and began to serve clients outside of GE. The company name, Genpact, is designed to convey the business impact it generates for its clients. In August 2007, it was listed on the NYSE under the symbol ‘G’. Since then the company has grown from 32,000 employees and revenue of US$823 million, to 77,000+ employees and revenues of US$2.57 billion (2016).
In 2007, Genpact launched a joint venture with an Indian company NDTV to offer outsourcing services for the media industry.
Bain Capital became the firm’s largest shareholder in October 2012.
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.
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.
In June 2017, Genpact announced Genpact Cora, an artificial intelligence (AI)-based platform for enterprises. The platform has an application program interface (API) design and open architecture that includes Genpact’s own intellectual property as well as other providers. The platform’s claimed benefits include deciphering large chunks of data, seamless customer service, faster financial reporting, and increasing speed to market.
In April 2016, the firm completed the acquisition of Endeavour Software Technologies, an enterprise mobility software company, based in Austin TX.
In August 2017 it acquired TandemSeven, a Boston-headquartered experience design company.
In September 2017, Genpact acquired OnSource. a Braintree, Mass., is a provider of an Inspection-as-a-Service (IaaS) product for property and casualty (P&C) insurance carriers and their customers.
In June 2018, it acquired Commonwealth Informatics, Inc., a market-leading provider of cloud-based drug safety analytics products and services for medical research and healthcare delivery.
On 18 July 2018, it signed an agreement to acquire Barkawi Management Consultants, a supply chain management firm with operations in the U.S. and Europe that is part of the Barkawi Group.
On 7 January 2019, it acquired riskCanvas, an end-to-end Financial Crimes software platform, from Booz Allen Hamilton.
On 15 October 2019, it signed an agreement to acquire Rightpoint, a digital consultancy.
On 17 June 2011, NV “Tiger”” Tyagarajan became the president and chief executive officer (CEO) of Genpact and was appointed to the Board of Directors. He succeeded Pramod Bhasin, who stepped down as CEO and member of the board and became non-executive vice chairman of the company.
Tyagarajan had been CEO of Genpact from 1999 to 2002, when he led the business through a critical growth phase as a subsidiary of GE. 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.
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- ^“Our History | About Us”. Genpact. Retrieved 5 October 2017.
- ^Vengattil, Munsif; Dave, Paresh (28 February 2019). “Some Facebook content reviewers in India complain of low pay, high pressure”. Reuters. Retrieved 21 June 2019.
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- ^“Genpact to Acquire Mobile Digital Solutions Provider Endeavour to Enhance Digital Transformation Capabilities”(Press release). Genpact. PR Newswire.
- ^“Genpact acquires Endeavour Software Technologies”. The Times of India.
- ^“Genpact Acquires Digital Customer Experience Firm TandemSeven” (Press release). Genpact. Retrieved 5 October2017.
- ^“Genpact Redefines Insurance Experience with OnSource Acquisition” (Press release). Genpact. Retrieved 5 October2017.
- ^“Genpact acquires Commonwealth Informatics to transform drug safety with AI capabilities”. ETCIO.com. Retrieved 31 March2020.
- ^“Genpact to expand global supply chain management transformation expertise with the acquisition of Barkawi Management Consultants” (Press release). Genpact. Retrieved 10 February 2019.
- ^“Genpact Acquires riskCanvas from Booz Allen Hamilton”(Press release). Genpact. 8 January 2019. Retrieved 2 May 2020.
- ^“Genpact to Acquire Industry-Leading Digital Consultancy, Rightpoint” (Press release). Genpact. Retrieved 11 December2019.
- ^“Tiger Tyagarajan of Genpact: If You’re Curious, You Hold the Keys”. The New York Times. 12 July 2014. Retrieved 6 August2014.
- ^“NV “Tiger” Tyagarajan to Succeed Pramod Bhasin as CEO of Genpact”. Bloomberg. 16 May 2011. Retrieved 6 August 2014.
- ^“Pramod Bhasin to step down as Genpact CEO, NV Tyagarajan to take over”. The Economic Times. 17 May 2011. Retrieved 6 August 2014.
- ^“NV ‘Tiger”‘ Tyagarajan”. The Wall Street Journal – CEO council. 2013. Retrieved 6 August 2014.
Ofer Abarbanel is a 25 year securities lending broker and expert who has advised many Israeli regulators, among them the Israel Tax Authority, with respect to stock loans, repurchase agreements and credit derivatives. Founder TBIL.co STATX Fund.