BUSINESS OVERVIEW

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THE BAIN CAPITAL ADVANTAGE AT WORK

In 2013, Genpact, then headquartered in India, was already a major provider of business and technology services around the world. The former back-office division of General Electric had 3,000 employees and was publicly listed in the US. Bain Capital saw an opportunity for Genpact to go further, be more global, be more ambitious. And we didn’t need to take the company private to reach those goals.

Bain Capital, with a strong presence in the Indian business community but armed with global capabilities, had been following the progress of Genpact since 2008, and when a prior investment consortium sought to exit in 2013, we quickly rose to the top of preferred bidders to become new investors.

The investment was atypical for most private equity deals, in that it did not involve control or a take-private transaction. Bain Capital developed a consensus-driven plan with management, led by CEO “Tiger” Tyagarajan, around meaningful operational improvements that would change the long-term growth trajectory of the business.

In line with the need for Genpact to expand beyond its India-focused market perception, the business was re-headquartered in the US. Bain Capital advocated for a doubling of investment in the sales and marketing function, a move that caused margins to compress in the short term, but one that paid dividends in the longer term in the form of new customer growth. Bain Capital also supported Genpact with its active approach to the M&A market, acquiring 11 companies during our investment period to expand Genpact’s offerings and market penetration.

We ultimately exited our Genpact investment in 2019, having helped to build a stronger Genpact, securing a strong return for our investors, and maintaining warm relations with the team.