Genpact (NYSE: G) is a global professional services firm with key offices in New York City, Palo Alto, London, and Delhi that helps businesses drive their digital transformation, improve their innovation, and streamline their processes. The company has over 20 years’ experience driving digital-led innovation and digitally-enabled intelligent operations for their clients, which includes hundreds of Global Fortune 500 companies. Genpact integrates lean principles, design thinking, analytics, and digital technologies into their client solutions – an approach the company calls Lean Digital.
Genpact was founded in 1997 as a business unit within General Electric. In January 2005, Genpact became an independent company, and by August 2007 was publicly traded. Bain Capital became its largest shareholder in October 2012.
In 2016, the company reported net revenues of US$2.57 billion with more than 77,000 employees in more than 20 countries.
Genpact began in 1997 as a unit within General Electric. Its charter was to provide business process services to GE's businesses, with the goal of enabling outstanding efficiencies. During the eight years that followed, Genpact began to manage a wide range of processes across GE's financial services and manufacturing businesses.
In January 2005, Genpact became an independent company 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, Genpact 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).
Bain Capital became the firm's largest shareholder in October 2012.
In June 2017, Genpact unveiled Genpact Cora – an artificial intelligence (AI)-based platform that accelerates digital transformation for enterprises. Genpact Cora is a modular, interconnected mesh of flexible digital technologies that can pinpoint business challenges. The platform has a mature application program interface (API) design and open architecture that includes Genpact’s own intellectual property as well as other providers, integrating advanced technologies across three key areas:
Genpact Cora's benefits include deciphering large chunks of data, seamless customer service, faster financial reporting, and increasing speed to market.
In August 2017, Genpact acquired TandemSeven, a Boston-headquartered company that delivers customer and digital experience innovation consulting using design thinking. TandemSeven’s team of consultants, technologists, and designers, as well as its proprietary customer analytics technology works with Genpact's global business domain experts and digital and analytics experts in applying Lean Digital and its Genpact Cora AI-powered platform to business strategy. The acquisition expands Genpact’s Boston-area AI and digital innovation hub.
Genpact acquired OnSource in September 2017. OnSource, headquartered in Braintree, Mass., is a provider of an Inspection-as-a-Service (IaaS) product for property and casualty (P&C) insurance carriers and their customers. OnSource uses technologies such as real-time browser-based communication, self-service applications, and drones to put consumers in control of their insurance claims. The OnSource IaaS product leverages Cora, Genpact’s AI-based digital platform. This transaction built upon Genpact’s recent acquisition of BrightClaim and National Vendor that has expanded the company’s U.S. claims management capabilities.
On June 17, 2011, NV “Tiger” Tyagarajan became the president and chief executive officer (CEO) of Genpact and was appointed to the Board of Directors. He had served as chief operating officer of Genpact. 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 Genpact 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 Genpact’s chief operating officer.
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