Genpact to acquire Accounting Plaza
19 April 2012 | 1884 views | 0
Genpact Limited G +0.25% , a global leader in business process and technology management, today announces that it has signed a definitive agreement to acquire Accounting Plaza, a provider of finance and accounting (F&A), human resources (HR) services and PeopleSoft ERP services to Ahold, a major international retailer, and other clients in the retail, wholesale, banking and healthcare industries.
This acquisition will significantly expand Genpact's domain expertise in the retail industry in addition to its service delivery footprint in Europe. Closing is expected within a week, and terms of the deal are not disclosed.
With the acquisition of Accounting Plaza, Genpact will now have a strong services delivery operations in The Netherlands with Dutch language capabilities as well as an expanded services portfolio in Europe including human resources business process management, e-invoicing and PeopleSoft ERP related services. Genpact will also bolster its F&A services offerings for the retail industry in areas such as store and franchise accounting, inventory accounting, and trade promotions.
"This deal gives Genpact domain expertise in the retail industry, an industry which is transforming globally. Along with finance and accounting, one of our core capabilities, we now gain tremendous traction in the retail industry," said Tiger Tyagarajan, president and CEO, Genpact. "The addition of operating centers in The Netherlands will further expand and grow our business in Europe, especially with large European multinational corporations. We're looking forward to partnering with Ahold Europe and applying our capabilities in smarter processes, analytics and technology to help support their growth plans."
"Ahold Europe welcomes the opportunity to continue its many years of enjoyable and professional working relationship with the staff at Accounting Plaza in both Wormer and Krakow. We think the new ownership of Genpact will give our partnership a new impetus against the background of Genpact's global experience. We look forward to jointly add value to our growing European operations in that partnership," said Chris Dick, CFO for Ahold Europe.
Accounting Plaza has approximately 600 full-time employees working out of its centers in The Netherlands, Poland, and Czech Republic. It was founded in 2000 as the F&A and HR services provider for Ahold. Ahold, the sixth largest retail company in the world, owns and operates food retail and online grocery delivery operators across the United States and Europe. Ahold currently operates a total of 3,008 retail stores with over 2,250 of those stores located in Europe.
Within Europe, Genpact operates three delivery centers in Romania as well as centers in Hungary, Poland, and Morocco, serving more than 25 languages. Genpact provides a wide range of services from Europe and across the globe that help maximize the effectiveness of operations for companies in multiple industries, including procurement and supply chain, F&A, IT help desk services, analytics, and process reengineering.
"We welcome the Accounting Plaza team to Genpact's European operations and retail business, as they will provide tremendous value to the services we provide to our clients," said Pascal Henssen, senior vice president and COO, Genpact Europe. "Accounting Plaza's retail expertise, marquee client base, client service-driven culture, and process-driven experience in F&A, HR, and PeopleSoft ERP will be well integrated into our business to provide even stronger service delivery capabilities."