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Our Bureau

MR PRAMOD BHASIN

New Delhi June 18 Business process outsourcing firm Genpact today announced an agreement to acquire Axis Risk Consulting Services Pvt Ltd, an independent risk-consulting firm that provides risk assurance services, including internal audit, business performance improvement, Sarbanes-Oxley documentation and compliance testing, and enterprise risk management.

Genpact, which last month filed a registration statement with the US Securities and Exchange Commission (SEC) for a proposed IPO, did not disclose the terms of the deal.

A statement issued here said that Axis would operate as an independent unit of Genpact within its governance practice. The Axis acquisition expands Genpact's finance and accounting solutions ranging from outsourced transactional services to financial, planning and analysis.

Axis Risk Consulting, formed in September 2004, serves over 80 clients in India, North America, Europe and Asia. Axis has offices in Mumbai, Bangalore and New Delhi, with client engagements supporting the needs of several global 1,000 companies. It has 150-160 professionals on the delivery side in India with revenues pegged between $3-3.5 million, sources said.

Risk management

"The integrated risk and technology solutions we'll be offering our US and European clients as a result of this acquisition will remove a lot of the time, pain and costs associated with governance, and risk management," the Genpact President & CEO, Mr Pramod Bhasin, said.

Currently, internal audit tasks require manual inputs, creating high compliance costs, particularly for companies with worldwide operations. With the Axis acquisition, Genpact would combine its strengths in process and technology with Axis' audit staff and automated control testing, to offer its clients an internal audit service. Genpact would be able to provide clients a single solution allowing them to outsource complex internal audit steps while maintaining overall control of their risk management framework.

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