Genpact began in 1997 as a unit within General Electric. Its charter was to provide business process services to GE's businesses. During the eight years that followed, it began to manage a wide range of processes across GE's financial services and manufacturing businesses. In January 2005, the company became independent 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, it 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. In 2007, Genpact launched a joint venture with an Indian company NDTV to offer outsourcing services for the media industry. Bain Capital became the firm's largest shareholder in October 2012. In February 2019, Genpact contractors in Hyderabad who were assigned content moderation tasks for Facebook reportedly experienced psychological trauma while evaluating videos depicting suicide, torture, terrorism, and pornography.
Products
In June 2017, Genpact announced Genpact Cora, an artificial intelligence -based platform for enterprises. The platform has an application program interface design and open architecture that includes Genpact’s own intellectual property as well as other providers. The platform's claimed benefits include deciphering large chunks of data, seamless customer service, faster financial reporting, and increasing speed to market.
Acquisitions
In April 2016, the firm completed the acquisition of Endeavour Software Technologies, an enterprise mobility software company, based in Austin TX. In August 2017 it acquired TandemSeven, a Boston-headquartered experience design company. In September 2017, Genpact acquired OnSource. a Braintree, Mass., is a provider of an Inspection-as-a-Service product for property and casualty insurance carriers and their customers. In June 2018, it acquired Commonwealth Informatics, Inc., a market-leading provider of cloud-based drug safety analytics products and services for medical research and healthcare delivery. On 18 July 2018, it signed an agreement to acquire Barkawi Management Consultants, a supply chain management firm with operations in the U.S. and Europe that is part of the Barkawi Group. On 7 January 2019, it acquired riskCanvas, an end-to-end Financial Crimes software platform, from Booz Allen Hamilton. On 15 October 2019, it signed an agreement to acquire Rightpoint, a digital consultancy.
Management
On 17 June 2011, NV "Tiger”" Tyagarajan became the president and chief executive officer of Genpact and was appointed to the Board of Directors. 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 the firm 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 the firm's chief operating officer.
