Source: Genpact
Genpact, which manages business processes for companies around the world, today announced an agreement to acquire Axis Risk Consulting Services Pvt. Ltd, an independent India-based risk consulting firm that provides a wide range of risk assurance services, including internal audit, business performance improvement, Sarbanes-Oxley documentation and compliance testing, and enterprise risk management. Terms of the agreement were not disclosed.
Formed in September 2004, Axis Risk Consulting serves more than 80 clients in India, North America, Europe and Asia. Axis has offices in Mumbai, Bangalore and New Delhi, India, with client engagements supporting the multinational needs of several global 1000 companies. Axis has a Big Four experienced leadership team with professional staff consisting of Chartered Accountants, Certified Internal Auditors, Certified Information System Auditors and Masters in Business Administration.
Axis will operate as an independent unit of Genpact within its Governance Practice. The Axis acquisition expands Genpact's Finance and Accounting solutions ranging from outsourced transactional services to financial, planning and analysis. These wide range of solutions provide global companies with high quality services delivered with a mix of on-shore and offshore delivery.
"The integrated risk and technology solutions we'll be offering our U.S. and European clients as a result of this acquisition will remove a lot of the time, pain and costs associated with governance, and risk management," said Genpact President & CEO Pramod Bhasin.
Currently, internal audit tasks require manual inputs, creating high compliance costs, in particularly for companies with worldwide operations. With the Axis acquisition, Genpact will combine its strengths in process and technology with Axis' experienced audit staff and automated control testing to offer its clients a comprehensive internal audit service. Genpact will be able to provide clients a single solution allowing them to outsource complex internal audit steps while maintaining overall control of their risk management framework.
"We are excited to be part of Genpact," said Axis Risk Consulting Managing Director and Founding Partner Ameet Parikh. "We find great synergy between the companies in terms of Genpact's access to global customers and our deep domain knowledge and experience in providing best-in-class risk consulting services. We will now have the opportunity to offer our internal controls outsourcing solution in the global market," Ameet will continue to be the Managing Director of Axis and will lead this Governance Business unit.
Genpact Senior Vice President Anil Nayar, who is one of the global business leaders of the Finance and Accounting product stream and who helped develop Genpact's compliance practice, said, "We see tremendous value in supporting the India-based clients of Axis as they grow domestically and internationally, and also look forward to providing our global clients the same level of high-quality internal audit services that Axis is known for."
Ashok Wadhwa, one of the founding partners of Axis said, "I am glad to see a synergistic relationship for both companies with this development. After exiting our consulting business (RSM tax consulting practice), this disinvestment was a logical next step for us. I am confident that this will further strengthen Genpact's offerings in the governance and risk assurance services domain."
Closing of the acquisition is subject to obtaining the necessary regulatory approvals in India, in addition to other standard conditions.