Mumbai-based IT services provider Hexaware Technologies announced on Thursday that it has acquired US-based SMC Squared and its two Indian units in an all-cash deal worth $120 million (approximately Rs 1,029 crore).
The deal, involving the acquisition of SMC Squared, LLC, USA, Tech SMC Square India Private Limited and Tech SMCSquared (GCC) India Private Limited, includes a $45 million upfront payout, up to $45 million in earnouts, and up to $30 million as an outperformance bonus, Hexaware said in a BSE filing.
The combined organisation now offers a unified global capability centre (GCC) services stack spanning advisory, setup, operations, and optimisation, and supported by talent depth, delivery consistency, and execution rigour.
In the filing, Hexaware said that SMC’s proven playbook and relationships in the mid-market GCC segment will accelerate its go-to-market strategy, and that it will extend SMC’s offerings to our broader client base, including existing Hexaware customers.
The move comes as the GCC sector in India alone is expected to cross $100 billion by 2030.
“Our clients are increasingly looking for GCC partners who bring more than staffing or infrastructure,” said Amrinder Singh, President & Head–EMEA & APAC Operations, Hexaware, in a press statement. “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.”
Founded by Patricia and Steven, SMC operates through engagement models, such as managed services, build-optimise transfer, and hybrid solutions, which lower operating costs. SMC has a total workforce of around 500 employees, with a go-to-market office in the USA and delivery centers in India (Bengaluru and Hyderabad).
SMC Squared works with global brands across commerce, manufacturing, financial services, healthcare, and consumer brands. Among SMC’s clients is quick-service restaurant chain Papa John’s International, Inc., with a significant international presence including India.
“For over a decade, we’ve helped shape the GCC industry, and this acquisition expands what we can deliver globally with strengthened capabilities across AI, analytics, modernization, cloud transformation, and enterprise platforms while growing our delivery footprint with new centers in Latin America and increasing client activity in the UK and Europe,” said Patricia Connolly, CEO, SMC Squared.
