Genpact Ltd. is an American

information technology Information technology (IT) is a set of related fields within information and communications technology (ICT), that encompass computer systems, software, programming languages, data processing, data and information processing, and storage. Inf ...

services,

consulting A consultant (from "to deliberate") is a professional (also known as ''expert'', ''specialist'', see variations of meaning below) who provides advice or services in an area of specialization (generally to medium or large-size corporations). Cons ...

, and

outsourcing Outsourcing is a business practice in which companies use external providers to carry out business processes that would otherwise be handled internally. Outsourcing sometimes involves transferring employees and assets from one firm to another ...

company headquartered in

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

, New York. Founded in

Gurgaon Gurgaon (), officially named Gurugram (), is a satellite city of Delhi and administrative headquarters of Gurgaon district, located in the northern Indian state of Haryana. It is situated near the Delhi–Haryana border, about southwest ...

India India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...

, and legally domiciled in

Bermuda Bermuda is a British Overseas Territories, British Overseas Territory in the Atlantic Ocean, North Atlantic Ocean. The closest land outside the territory is in the American state of North Carolina, about to the west-northwest. Bermuda is an ...

, Genpact employs more than 125,000 people and provides services to clients in over 30 countries worldwide. Genpact is listed on the

NYSE The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...

and generated revenues of US$4.48 billion in 2023.

History

Founding and early developments

Genpact was founded in 1997 as a unit of

General Electric General Electric Company (GE) was an American Multinational corporation, multinational Conglomerate (company), conglomerate founded in 1892, incorporated in the New York (state), state of New York and headquartered in Boston. Over the year ...

. The company was founded as GE Capital International Services (GECIS) in

. 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 Welch John Francis Welch Jr. (November 19, 1935 – March 1, 2020) was an American business executive, chemical engineer, and writer. He was Chairman and CEO of General Electric (GE) between 1981 and 2001. His long career at General Electric ( ...

, 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 Private equity (PE) is stock in a private company that does not offer stock to the general public; instead it is offered to specialized investment funds and limited partnerships that take an active role in the management and structuring of the co ...

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 Accounting, also known as accountancy, is the process of recording and processing information about economic entity, economic entities, such as businesses and corporations. Accounting measures the results of an organization's economic activit ...

, insurance claim processing, IT management and

technical support Technical support, commonly shortened as tech support, is a customer service provided to customers to resolve issues, commonly with consumer electronics. This is commonly provided via call centers, online chat and email. Many companies provid ...

. 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. It was founded in 1984 by economist Prannoy Roy and journalist Radhika Roy. NDTV began as a production house for news segments, ...

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 was the financial services division of General Electric. Its various units were sold between 2013 and 2021, including the notable spin-off of the North American consumer finance division as Synchrony Financial. Ultimately, only one div ...

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, LP is an American Investment company, private investment firm based in Boston, Massachusetts, Boston, Massachusetts, with around $185 billion of assets under management. It specializes in private equity, venture capital, credit, p ...

became the firm's largest shareholder in October 2012. In February 2019, Genpact contractors in

Hyderabad Hyderabad is the capital and largest city of the Indian state of Telangana. It occupies on the Deccan Plateau along the banks of the Musi River (India), Musi River, in the northern part of Southern India. With an average altitude of , much ...

who were assigned content moderation tasks for

Facebook Facebook is a social media and social networking service owned by the American technology conglomerate Meta Platforms, Meta. Created in 2004 by Mark Zuckerberg with four other Harvard College students and roommates, Eduardo Saverin, Andre ...

reportedly experienced

psychological trauma Psychological trauma (also known as mental trauma, psychiatric trauma, emotional damage, or psychotrauma) is an emotional response caused by severe distressing events, such as Major trauma, bodily injury, Sexual assault, sexual violence, or ot ...

while evaluating videos depicting

suicide Suicide is the act of intentionally causing one's own death. Risk factors for suicide include mental disorders, physical disorders, and substance abuse. Some suicides are impulsive acts driven by stress (such as from financial or ac ...

torture Torture is the deliberate infliction of severe pain or suffering on a person for reasons including corporal punishment, punishment, forced confession, extracting a confession, interrogational torture, interrogation for information, or intimid ...

terrorism Terrorism, in its broadest sense, is the use of violence against non-combatants to achieve political or ideological aims. The term is used in this regard primarily to refer to intentional violence during peacetime or in the context of war aga ...

, and

pornography Pornography (colloquially called porn or porno) is Sexual suggestiveness, sexually suggestive material, such as a picture, video, text, or audio, intended for sexual arousal. Made for consumption by adults, pornographic depictions have evolv ...

Recent developments

On February 9, 2024, Balkrishan Kalra (“BK”) assumed the role of President and CEO. He replaced Tiger Tyagarajan, who retired. In September 2020, UK

Medicines and Healthcare products Regulatory Agency The Medicines and Healthcare products Regulatory Agency (MHRA) is an executive agency of the Department of Health and Social Care in the United Kingdom which is responsible for ensuring that medicines and medical devices work and are accepta ...

contracted Genpact to supply an

Artificial intelligence Artificial intelligence (AI) is the capability of computer, computational systems to perform tasks typically associated with human intelligence, such as learning, reasoning, problem-solving, perception, and decision-making. It is a field of re ...

software tool to process the expected high volume of

COVID-19 vaccine A COVID19 vaccine is a vaccine intended to provide acquired immunity against severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), the virus that causes coronavirus disease 2019 ( COVID19). Knowledge about the structure and fun ...

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 may result from the combination of two or more drugs. The meaning of this ...

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 Mumbai ( ; ), also known as Bombay ( ; its official name until 1995), is the capital city of the Indian state of Maharashtra. Mumbai is the financial capital and the most populous city proper of India with an estimated population of 12 ...

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 2011: Headstrong, a software services company based in

Noida Noida (), short for New Okhla Industrial Development Authority (ISO: ), is a city located in Gautam Buddha Nagar district of the Indian state of Uttar Pradesh. As per provisional reports of Census of India, the population of Noida in 2011 was ...

* April 2016: Endeavour Software Technologies, an enterprise mobility software company * August 2016, PNMsoft a British/Israeli software company that focused on

Business Process Management Business process management (BPM) is the discipline in which people use various methods to Business process discovery, discover, Business process modeling, model, Business analysis, analyze, measure, improve, optimize, and Business process auto ...

(BPM) systems. * 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 In commerce, supply chain management (SCM) deals with a system of procurement (purchasing raw materials/components), operations management, logistics and marketing channels, through which raw materials can be developed into finished produc ...

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 13 members (2024), that the company refers to as Genpact Leadership Council.

Products

In June 2017, Genpact announced Genpact Cora, an

artificial intelligence Artificial intelligence (AI) is the capability of computer, computational systems to perform tasks typically associated with human intelligence, such as learning, reasoning, problem-solving, perception, and decision-making. It is a field of re ...

(AI)-based platform for enterprises. The platform has an

application program interface An application programming interface (API) is a connection between computers or between computer programs. It is a type of software interface, offering a service to other pieces of software. A document or standard that describes how to build su ...

(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 2000 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.

References

External links

* {{authority control 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 Bain Capital companies Outsourcing companies International information technology consulting firms Software companies of India Information technology companies of Bhubaneswar Information technology companies of India 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 Companies in the S&P 400