Hexaware Technologies has signed two separate share purchase agreements to acquire Tech SMC Square India Private and Tech SMCSquared (GCC) India. The acquisition, announced on July 17, 2025, is aimed at expanding the company’s presence in India’s rapidly growing Global Capability Center (GCC) market.
Hexaware-SMC deal: All-cash deal worth up to $120 million
The acquisition will be carried out for an all-cash consideration of up to $120 million (around Rs 10,291.2 crore), including an upfront payout of $45 million, earnouts worth up to $45 million, and an additional $30 million as outperformance bonus. The transaction is expected to close on the same day, July 17.
Hexaware confirmed that the deal does not fall under the related-party transaction category. None of the promoter group companies or individuals have any interest in the entities being acquired. The acquisition also does not require any governmental or regulatory approvals.
GCC market in India projected to cross $100 billion
India remains a strategic growth market for Hexaware, and the GCC segment is gaining strong momentum. With the Indian GCC market projected to exceed $100 billion by 2030, Hexaware sees a major opportunity to scale its operations and add value through this acquisition.
SMC Group currently has around 500 employees, with a go-to-market office in the United States and delivery centers in Bengaluru and Hyderabad.
Hexaware gains proven GCC expertise through acquisition
Hexaware said that acquiring SMC would provide immediate access to well-established GCC expertise. The integration will enhance the company’s ability to offer end-to-end solutions for setting up and managing GCCs globally.
The company added, “We will extend SMC’s offerings to our broader client base, including existing Hexaware customers.” The move will also strengthen Hexaware’s GCC service line by combining SMC’s deep domain expertise with Hexaware’s strength in AI, analytics, cloud transformation, and enterprise platforms.
SMC Group’s turnover rises threefold between 2022 and 2024
The SMC Group includes the US-based parent SMC Squared LLC, along with its Indian subsidiaries. The combined group posted a turnover of $22.58 million in calendar year 2024, compared to $14.35 million in 2023 and $7.34 million in 2022. Their services span the IT and ITeS segments, operating across India and the US.