Genpact is an American
professional services
Professional services are occupations in the service sector requiring special training in the arts or sciences. Some professional services, such as architects, accountants, engineers, doctors, and lawyers require the practitioner to hold profe ...
firm legally domiciled in
Bermuda
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with its headquarters in
New York City
New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...
,
New York. The company currently employs more than 100,000 people and provides services to clients in over 30 countries worldwide. Genpact is listed on the NYSE and in 2021 generated revenues of US$3.71 billion.
History
Founding and early developments
Genpact was founded in 1997 as a unit of
General Electric
General Electric Company (GE) is an American multinational conglomerate founded in 1892, and incorporated in New York state and headquartered in Boston. The company operated in sectors including healthcare, aviation, power, renewable en ...
. The company was founded as GE Capital International Services (GECIS) in
New Delhi
New Delhi (, , ''Naī Dillī'') is the capital of India and a part of the National Capital Territory of Delhi (NCT). New Delhi is the seat of all three branches of the government of India, hosting the Rashtrapati Bhavan, Parliament Ho ...
. Starting with 20 employees under the leadership of CEO
Pramod Bhasin, its charter was to provide business process outsourcing solutions to GE's businesses.
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.
One year after its launch, GECIS employed about 800 people and generated revenues of US$4 million.
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
In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a t ...
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
Technical support (abbreviated as tech support) is a call centre type customer service provided by companies to advise and assist registered users with issues concerning their technical products. Traditionally done on the phone, technical suppor ...
.
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. As part of this transition, the company changed its name to Genpact for “generating business impact.” 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.
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
New Delhi Television Ltd is an Indian news media company focusing on broadcast and digital news publication. The company is considered to be a legacy brand that pioneered independent news broadcasting in India, and is credited for launching t ...
to offer outsourcing services for the media industry. 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. He was succeeded on 17 June 2011 by NV "Tiger”" Tyagarajan, who was appointed to the Board of Directors and became Genpact's new CEO.
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. When Genpact became an independent company, he rejoined the firm from
GE Capital
GE Capital is the financial services division of General Electric.
The company currently only runs one division, GE Energy Financial Services. It had provided additional services in the past; however, those units were sold between 2013 and 2018. ...
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
Bain Capital is an American private investment firm based in Boston. It specializes in private equity, venture capital, credit, public equity, impact investing, life sciences, and real estate. Bain Capital invests across a range of industry se ...
became the firm's largest shareholder in October 2012.
In February 2019, Genpact
contractors
A general contractor, main contractor or prime contractor is responsible for the day-to-day oversight of a construction site, management of vendors and trades, and the communication of information to all involved parties throughout the course of ...
in
Hyderabad
Hyderabad ( ; , ) is the capital and largest city of the Indian state of Telangana and the ''de jure'' capital of Andhra Pradesh. It occupies on the Deccan Plateau along the banks of the Musi River, in the northern part of Southern India ...
who were assigned
content moderation tasks for
Facebook
Facebook is an online social media and social networking service owned by American company Meta Platforms. Founded in 2004 by Mark Zuckerberg with fellow Harvard College students and roommates Eduardo Saverin, Andrew McCollum, Dustin Mosk ...
reportedly experienced
psychological trauma while evaluating videos depicting
suicide,
torture
Torture is the deliberate infliction of severe pain or suffering on a person for reasons such as punishment, extracting a confession, interrogational torture, interrogation for information, or intimidating third parties. definitions of tortur ...
,
terrorism
Terrorism, in its broadest sense, is the use of criminal violence to provoke a state of terror or fear, mostly with the intention to achieve political or religious aims. The term is used in this regard primarily to refer to intentional violen ...
, and
pornography.
Recent developments
In September 2020, UK
Medicines and Healthcare products Regulatory Agency contracted Genpact to supply an
Artificial intelligence
Artificial intelligence (AI) is intelligence—perceiving, synthesizing, and inferring information—demonstrated by machines, as opposed to intelligence displayed by animals and humans. Example tasks in which this is done include speech r ...
software tool to process the expected high volume of
COVID-19 vaccine Adverse drug reaction
An adverse drug reaction (ADR) is a harmful, unintended result caused by taking medication. ADRs may occur following a single dose or prolonged administration of a drug or result from the combination of two or more drugs. The meaning of this term ...
s to ensure that no details from the ADRs reaction texts are missed. MHRA and Genpact announced an expansion of the partnership in January 2022. In August 2021, Genpact signed a multi-year digital transformation contract with Coca-Cola Beverages in Africa.
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. 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.
In 2022, Genpact was added to the Bloomberg Gender Equality Index.
Acquisitions
* April 2016: Endeavour Software Technologies, an enterprise mobility software company
* August 2017: TandemSeven, an experience design company
* September 2017: OnSource, a provider of an Inspection-as-a-Service (IaaS) product for
property and casualty (P&C) insurance carriers and their customers
* June 2018: Commonwealth Informatics, a provider of cloud-based drug safety analytics products and services for medical research and healthcare delivery
* July 2018: Barkawi Management Consultants, a supply chain management firm
* January 2019: riskCanvas, an end-to-end Financial Crimes software platform
* October 2019, Rightpoint, a digital consultancy
* January 2021: Enquero a data engineering and analytics firm
Corporate affairs
Organizational structure
Genpact operates worldwide and is currently active in more than 30 countries.
Management structure
Genpact is managed by a leadership team of 17 members (2022), that the company refers to as Genpact Leadership Council. N.V. "Tiger" Tyagarajan has served as
president
President most commonly refers to:
*President (corporate title)
* President (education), a leader of a college or university
* President (government title)
President may also refer to:
Automobiles
* Nissan President, a 1966–2010 Japanese ...
and
CEO of Genpact since 2011.
Locations
South Africa, China, India, Japan, Malaysia, Singapore, Philippines, Barbados, Costa Rica, Brazil, Guatemala, Mexico, Egypt, Israel, Turkey, Canada, USA, France, Hungary, Germany, Netherlands, Nordics, Poland, Portugal, Republic of Ireland, Romania, Switzeland, United Kingdom, Australia.
Products
In June 2017, Genpact announced Genpact Cora, an
artificial intelligence
Artificial intelligence (AI) is intelligence—perceiving, synthesizing, and inferring information—demonstrated by machines, as opposed to intelligence displayed by animals and humans. Example tasks in which this is done include speech r ...
(AI)-based platform for enterprises. The platform has an
application program interface (API) design and
open architecture
Open architecture is a type of computer architecture or software architecture intended to make adding, upgrading, and swapping components with other computers easy. For example, the IBM PC, Amiga 500 and Apple IIe have an open architecture supp ...
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.
See also
*
List of IT consulting firms
References
External links
*
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Business services companies established in 1997
Companies listed on the New York Stock Exchange
Business process outsourcing companies of India
Business process outsourcing companies of the United States
Information technology consulting firms of the United States
International information technology consulting firms
Outsourcing companies
Software companies of India
Information technology companies of Bhubaneswar
Information technology companies of India
Former General Electric subsidiaries
Publicly traded companies based in New York City
Financial technology companies
Software companies based in New York (state)
Software companies based in New York City
2007 initial public offerings
Corporate spin-offs
Offshore companies of Bermuda