Mumbai-based IT services provider Hexaware Technologies on Thursday announced the acquisition of US-based SMC Squared and its Indian units. The company, known for building Global Capability Centres (GCCs), is being acquired in an all-cash deal worth $120 million (approximately ₹1,029 crore). The deal, expected to close on July 17, 2025, includes a $45 million upfront payout, up to $45 million in earnouts, and up to $30 million as an outperformance bonus.
The recently listed IT firm said the acquisition of SMC Squared is a strategic move to enhance its GCC 2.0 offering, which blends AI-driven digital solutions with human expertise. By combining SMC Squared’s proven build-operate-transfer model with Hexaware’s platform-led IT delivery, the deal aims to deliver cost-effective, high-value GCC operations. The partnership is expected to drive growth and create synergies across large client accounts.
Hexaware Technologies' shares rose as much as 3% after the deal announcement, though they pared most of the gains in the second half of the trading session. The stock was trading up 0.68% at ₹863.25 at 2:40 PM.
“Our clients are increasingly looking for GCC partners who bring more than staffing or infrastructure. With SMC Squared, we gain proven governance, delivery credibility, and scale in areas where execution strength is non-negotiable. This acquisition enables us to deliver long-term value to enterprises, leveraging our human and digital agent-driven model and proprietary IT delivery platforms,” said Amrinder Singh, President & Head – EMEA & APAC Operations, Hexaware.
“On behalf of the SMC Squared team, I’m thrilled to share that we’re now part of Hexaware. For over a decade, we’ve helped shape the GCC industry, and this acquisition expands what we can deliver globally with strengthened capabilities across AI, analytics, modernization, cloud transformation, and enterprise platforms—while growing our delivery footprint with new centres in Latin America and increasing client activity in the UK and Europe,” said Patricia Connolly, CEO, SMC Squared.
In its presentation, Hexaware noted that SMC Squared’s co-founders, Patricia Connolly and Steven Stephan, will continue to lead the business post-acquisition under Singh's leadership. It also highlighted that SMC Squared has established over 30 GCCs for Fortune 500 companies, multinationals, and high-growth startups. The company has a workforce of around 500 employees and delivery centres in Bengaluru and Hyderabad.
Hexaware added that the acquisition allows it to tap into India’s rapidly expanding GCC market, which is projected to surpass $100 billion by 2030.
