Fusion of experience innovation and process innovation enables end-to-end digital transformation for enterprises
NEW YORK and CHICAGO, Oct. 15, 2019 /PRNewswire/ -- Genpact (NYSE:G), a global professional services firm focused on delivering digital transformation, today announced a definitive agreement to acquire Chicago-based Rightpoint, a premier digital consultancy with technology at its core. The deal is designed to bring experience and process innovation together to help clients drive end-to-end digital transformation and win in the growing experience economy. Rightpoint's co-founder Ross Freedman will continue as CEO of this business.
The convergence of market forces and consumer demand has elevated the role of experience from that of a front-end design function to a strategic lever that has the ability to impact the entire organization, connecting the front, middle and back office. In fact, leading industry analysts predict rapid growth in experience innovation and have estimated the experience market to be more than $30 billion for middle and back office functions in 2019. More broadly, Forbes reports that 89% of enterprises are competing on experience, up from 36% in 2010. SAP states that experience is now the organizing principle of the global economy and solving the experience gap is a $1.6 trillion problem.
"To compete in a digital-first world, drive better outcomes, and unlock new business models, businesses must be able to drive transformation throughout an organization – from customer experience through to operational processes," said 'Tiger' Tyagarajan, president and CEO, Genpact. "In the next two years, the fusion of experience innovation and process innovation will become 'table-stakes' as organizations look to reposition themselves in the market. I am very excited to have Ross and the very talented Rightpoint team join Genpact as we together help transform our clients' businesses in this experience economy."
This acquisition combines Genpact's deep process, domain, and digital expertise with Rightpoint's proven ability to create impactful experiences – for both customers and employees. Genpact's global reach and client base will help fuel Rightpoint's continued expansion, as it focuses on growth, which will also include expanding core offerings.
"We have always believed that every company is either a technology company today or will need to reinvent themselves to become one tomorrow. To thrive in the experience economy, organizations must successfully redesign and transform all aspects of their business – from the front office to the back office," said Ross Freedman, CEO, Rightpoint. "Joining Genpact allows us to realize our vision of helping clients succeed at the speed of innovation."
Today's news builds on the ongoing investment Genpact has made in deepening its experience expertise organically and through acquisition, including the 2017 acquisition of TandemSeven, an experience consultancy. These early investments have proven to be a critical differentiator in Genpact's ability to win and drive large-scale end-to-end transformation for its clients and is a key source of value creation. The addition of Rightpoint to these existing capabilities will significantly accelerate the ability to drive transformative outcomes for clients.
Rightpoint was founded in 2007 and has made a name for itself as a leading authority on customer experience. The company was ranked 28th fastest growing technology consultancy in America on the Inc. 5000 and serves more than 250 Fortune 1000 companies. In 2015, Rightpoint partnered with private equity firm Stella Point Capital to help fuel its growth. The company has five core solution areas, including customer experience and engagement, commerce, digital products, digital workplace, and digital operations.
Terms of the transaction are not disclosed. The acquisition is subject to customary closing conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. Morgan Stanley & Co. LLC acted as the exclusive financial advisor to Genpact. CG Petsky Prunier, part of the Canaccord Genuity Group, served as the exclusive financial advisor to Rightpoint.
Genpact (NYSE:G) is a global professional services firm that makes business transformation real. We drive digital-led innovation and digitally-enabled intelligent operations for our clients, guided by our experience running thousands of processes primarily for Global Fortune 500 companies. We think with design, dream in digital, and solve problems with data and analytics. Combining our expertise in end-to-end operations and our AI-based platform, Genpact Cora, we focus on the details – all 90,000+ of us. From New York to New Delhi and more than 30 countries in between, we connect every dot, reimagine every process, and reinvent companies' ways of working. We know that reimagining each step from start to finish creates better business outcomes. Whatever it is, we'll be there with you – accelerating digital transformation to create bold, lasting results – because transformation happens here. Get to know us at Genpact.com and on LinkedIn, Twitter, YouTube, and Facebook.
Rightpoint is the digital consultancy with technology at its core. We design and engineer end-to-end experiences that help our clients succeed at the speed of innovation. Rightpoint serves more than 250 Fortune 1000 companies and has been named one of Crain's 50 Fastest Growing Companies in Chicago for four consecutive years. For more information, visit rightpoint.com and connect with us on LinkedIn, Twitter, Facebook and Instagram.
This press release contains certain statements concerning Genpact's future expectations, plans and prospects that constitute forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking terms such as "expect," "anticipate," "intend," "plan," "believe," "could," "may," "shall," "will," "would" and variations of such words and similar expressions, or the negative of such words or similar expressions. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those in such forward-looking statements. These risks, uncertainties and other factors include but are not limited to the accuracy of our assumptions about trends in our market, our ability to successfully consummate or integrate strategic acquisitions, our ability to achieve expected benefits from strategic acquisitions, our ability to manage growth, our ability to implement and derive revenues from new service offerings, as well as other risks detailed in our reports filed with the U.S. Securities and Exchange Commission, including Genpact's Annual Report on Form 10-K. These filings are available at www.sec.gov. Genpact may from time to time make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. Although Genpact believes that these forward-looking statements are based on reasonable assumptions, you are cautioned not to put undue reliance on these forward-looking statements, which reflect management's current analysis of future events and should not be relied upon as representing management's expectations or beliefs as of any date subsequent to the time they are made. Genpact undertakes no obligation to update any forward-looking statements that may be made from time to time by or on behalf of Genpact.
Genpact, Vice President, Integrated Communications
+1 (217) 260-5041
Roger Sachs, CFA
Genpact, Vice President, Investor Relations
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