Outsourcing giant Genpact said it will acquire consulting and IT services firm Headstrong Corporation for a cash consideration of $ 550 million.The transaction is being funded by a combination of existing cash and acquisition financing, and is expected to close by May 31, 2011, subject to customary regulatory and other conditions, Genpact said in a statement.
Genpact expects the transaction to be accretive to earnings per share on a GAAP basis in 2011.
'Headstrong is a complementary high-growth business, built by talented leaders, that is an excellent fit strategically, financially, operationally and culturally. With this acquisition, we are gaining critical domain and technology expertise in the complex, but highly attractive, capital markets industry vertical,' Genpact President and CEO Pramod Bhasin said.
This expertise - combined with capabilities in business process management (BPM) and Smart Decision Services that encompass analytics and reengineering -- will create a uniquely powerful value proposition for clients, he added.
Headstrong has domain expertise in several segments of the capital markets vertical like asset management, derivatives, wealth management, prime brokerage, reference data, compliance and mortgages.
With a strong mix of onsite and offshore expertise, Headstrong counts nine of the world's top 10 investment banks and three of the top five asset managers as clients.
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