Hexaware acquires GCC enabler SMC Squared for $120M
The deal includes a $90 million upfront payment and a $30 million outperformance earnout. The combined entity will offer end-to-end GCC solutions—from advisory and setup to operations and optimisation.
IT services company Hexaware Technologies has acquired SMC Squared, a global capability centre (GCC) enabler, for an enterprise value of $120 million.
As per the disclosure to the Bombay Stock Exchange (BSE), the transaction will include an upfront payment of $90 million, along with earnout linked payouts. In addition, $30 million is earmarked as an outperformance earnout bonus.
According to Hexaware Technologies, the combined entity will now offer a unified GCC services stack spanning advisory, setup, operations, and optimisation.
SMC Squared, which has presence in US and India, has set up over 30 GCCs and operates through engagement models such as managed services, build-optimise-transfer, and hybrid solutions. It reported a revenue of $22 million for 2024 and $16 million in the first half of 2025.
Hexaware has also recently launched a GCC 2.0 service line that aims to blend the GCC expertise of SMC Squared along with its IT delivery capabilities.
“Our clients are increasingly looking for GCC partners who bring more than staffing or infrastructure,” said Amrinder Singh, President & Head–EMEA & APAC Operations, Hexaware.
“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.”
The combined entity aims to drive higher growth especially among the larger accounts of Hexaware.
The GCC industry in India has been growing very rapidly with the presence of more than 1,800 such entities present in the country. Reports project that this sector will cross $100 billion in revenue by 2030 from the present level of around $65 billion.
Today, the GCC segment is attracting companies from diverse industries like BFSI, healthcare, manufacturing, telecom among others. Also, an increasing number of mid-sized companies from the developed countries are setting up their GCCs in India.
The GCCs in India today are turning into technology transformation entities for their parent companies.
Edited by Megha Reddy