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O.C. Tanner Acquires India-based Employee Recognition Company Kwench The acquisition will allow O.C. Tanner to deepen its presence in India and enhance value to clients around the globe.
SALT LAKE CITY, April 14, 2019 /PRNewswire/ -- O.C. Tanner, the global leader in employee recognition and workplace culture, announced today it has acquired the recognition and rewards technology and business of Kwench, an India-based company that delivers cutting-edge, easy-to-use corporate recognition solutions. The agreement will combine the global footprint of O.C. Tanner and the software-as-a-service (SaaS) technology platforms of Kwench to enhance value to clients everywhere.
Kwench is a market leader in India and works with more than 500 companies across 63 countries. "We've enjoyed tremendous success with our O.C. Tanner India team, and the addition of the Kwench team and technology will combine the strengths of two market leaders to help us better serve our collective client base," said Dave Petersen, CEO of O.C. Tanner. "While we've largely focused on multinational clients, the Kwench focus has been primarily on companies headquartered in India, so this acquisition will fuel even greater growth. We measure progress and success by how many employees and workplaces we can positively impact through our recognition programs and strategies – and we are very excited to welcome the Kwench team into our global organization."
O.C. Tanner's existing footprint in India, including a headquarters in Mumbai and a second location in Hyderabad, will be bolstered by Kwench's local presence and nearly 50 employees.
"We are truly excited to join the O.C. Tanner family and see it as a perfect meeting of minds, culture and aspirations. It is indeed a validation of India's market potential and Kwench's capabilities that the world's largest recognition company has chosen to make this acquisition," said Sunder Nookala, CEO of Kwench.
"As one of the fastest-growing economies in the world, India is an exciting place for business today," said Managing Director of O.C. Tanner India Zubin Zack. "Employee recognition is fast evolving as a key focus area as companies fight to attract and retain the best talent. These are exciting times for Kwench and O.C. Tanner to combine strengths and bring global best practices to the Indian market."
MakeMyTrip Limited Acquires Majority Stake in Quest2Travel.com
New Delhi and New York, April 30, 2019 /Globe Newswire/ -- MakeMyTrip Limited (NASDAQ: MMYT), has acquired a majority shareholding interest in Mumbai based ‘Quest 2 Travel.com India Private Limited’ (“Q2T”), an internet based corporate travel management company.
Through Q2T’s enterprise software, large corporate clients are able to manage their end-to-end employee travel needs on a real-time basis, in a transparent and secure manner. Its online booking platform offers the entire workflow of travel procurement, including an employee’s travel request approval, corporate policy compliant online booking, invoice generation, expense management,
Deep Kalra, Founder & Group CEO, MakeMyTrip Limited said, “This investment will help us extend our service offerings to large corporates for their travel requirements while helping Quest2Travel benefit from the travel expertise and depth of supplier relationships that MakeMyTrip has forged over the years. We have historically focused on providing travel solutions for retail customers and with this investment we are making a decisive foray into providing travel solutions for corporate customers as well.”
Abhay Rangnekar, Founder and CEO of Q2T said, “MakeMyTrip’s decision of investing in Q2T validates our belief of being the best in the business. This partnership is a perfect t because it combines the best in corporate travel with the leader in non-corporate travel. Amongst other benefits, it will help us offer superior service offerings with wider inventory and better pricing for air, hotel bookings and other employee travel services.”
Ginesys raises up to $10 million from Marathon Edge. Ginesys will use the capital to bring the best global solutions at an Indian price point.
SALT LAKE CITY, April 14, 2019 /PRNewswire/ -- O.C. Tanner, the global leader in employee recognition and workplace culture, announced today it has acquired the recognition and rewards technology and business of Kwench, an India-based company that delivers cutting-edge, easy-to-use corporate recognition solutions. The agreement will combine the global footprint of O.C. Tanner and the software-as-a-service (SaaS) technology platforms of Kwench to enhance value to clients everywhere.
Marathon Edge has agreed to invest up to $10M in Ginesys (a product of Ginni Systems Ltd). This investment will widen the scope and depth of Ginesys solutions which are developed for small and medium consumer brands and retailers. With over 20,000 users across retail and distribution clients, Ginesys is the established leader in Point-of-Sales (POS) and Enterprise Resource Planning (ERP). Since 2006, Ginesys has been providing an affordable suite of POS and ERP solutions across India. Ginesys offers a one-stop shop for all ERP/POS needs spanning supply chain, finance, warehouse management, manufacturing all the way up to point-of-sales. Ginesys is used by leading retailers like Manyavar, Biba, House of Anita Dongre, V-Mart, Soch, and Bazaar Kolkata. Enterprise software is mission critical for consumer companies of all size. Ginesys has proven its ability to provide a global quality solution.
Ravi Modi, MD of National Fashion Icon Manyavar said ‘Ginesys has played a very important and robust role in our journey to 500+ stores and this investment should help the company to deliver greater innovation and technology.’ The Ginesys solution caters to retailers small and big. Chaudhari Lifestyle is one such customer having 3 stores based in Nagpur. ‘We have chosen Ginesys ERP software because it is very much suited to small retailers who want to expand to multiple stores. We benefited from their experience with large chains. Inventory control and cost effectiveness by automating our business processes easily paid back our investments’ says Rahul Chaudhari from the firm.
Ginesys customers span fashion brands, single store retailers and large format stores and distributors across apparel/fashion, supermarkets and general merchandise categories. ‘Our customers operate in a complex and extremely dynamic environment. We are introducing exciting products to cater to the evolving needs of Indian retail, right from cloud POS to Omni channel and replenishment’ said Prashant Lohia, founder and CEO of Ginesys. Marathon Edge is a financial investor in Indian technology, consumer and healthcare services companies. While financial terms of the transaction were not disclosed, Prashant Lohia said that the relationship with Marathon Edge is quasi-strategic in nature. “With our partnership with Marathon Edge, we now have substantial financial means to invest in technology and organization building, and make strategic acquisitions” added Mr. Lohia.
Mumbai: Smart Express, a logistics technology startup, has raised Rs 100 crore in seed funding, ahead of its launch during the upcoming festive season.
IIFL Private Equity Fund led the fundraise, which also saw the participation of Jalan Dani’s family office Smiti Holding & Trading Co., founder-promoter Yogesh Dhingra and the other cofounders of the company.
The Mumbai-based company plans to start operations in 30 cities in one go, and then set up 300 centres across India in the next three years. The funds will be used for creating pick up and delivery units and transit hubs to service customers across India, as well as for hiring.
Capital will also be earmarked for developing the tech-enabled platform to support ops.
"We are committed to building a platform that provides high service quality and better products for our customers at competitive price points through a transparent process," said Dhingra, a veteran of the logistics industry with more than 27 years of experience.
Before setting up Smart Express, Dhingra had led several initiatives to build a robust automated infrastructure at Blue Dart, where he has served as chief financial officer, chief operating officer and chief strategy officer. He played a major role in the acquisition of Blue Dart DHL, according to a statement.
Smart Express said it will build business across segments including business-to-business, business-to-consumer (B2C), direct-to-consumer (D2C), customer-to-customer (C2C) and hyperlocal delivery over a period of time. In the air cargo category, the company will provide AM/PM deliveries based on customer requirements. It will also offer packages with 48/72/96 hours deliveries for cost-effective solutions.
