Hexaware Technologies, a global IT solutions provider, announced the acquisition of SMC Squared on July 17, 2025, for up to $120 million in an all-cash deal. This strategic move strengthens Hexaware’s position in the rapidly growing Global Capability Center (GCC) market, projected to reach $105 billion in India by 2030, according to a Nasscom-Zinnov report. The acquisition integrates SMC Squared’s expertise in building GCCs with Hexaware’s platform-led IT delivery, launching the innovative GCC 2.0 service line to drive long-term value for enterprises.
Hexaware acquires SMC Squared for $120M (upfront $45M, up to $75M in earnouts).
Launches GCC 2.0 service line, blending AI and digital innovation with GCC expertise.
SMC Squared offers managed services, build-optimize-transfer, and hybrid models.
Combined services include advisory, setup, operations, and optimization.
SMC’s 500-strong workforce operates from Bengaluru, Hyderabad, and the U.S.
Papa John’s praises SMC’s impact on ERP, Workday, and data analytics modernization.
Hexaware’s acquisition of SMC Squared, including Tech SMC Square India and Tech SMCSquared (GCC) India, enhances its GCC offerings by integrating SMC’s proven build-operate expertise with Hexaware’s AI-driven IT platforms. The GCC 2.0 service line shifts the focus from cost-driven operations to strategic, value-generating hubs, supporting functions like IT, finance, HR, analytics, and R&D with advanced AI and digital innovation.
SMC Squared, with delivery hubs in Bengaluru and Hyderabad and a U.S.-based go-to-market office, brings a 500-person workforce and a track record of serving Fortune 500 companies and startups. Its engagement models—managed services, build-optimize-transfer, and hybrid solutions—ensure cost efficiency and seamless integration with client strategies. In 2024, SMC reported $22.58 million in revenue, a significant rise from $7.34 million in 2022, reflecting its strong growth trajectory.
"Partnering with SMC to build our dedicated GCC team has been a transformative experience," said Michael Wyant, Vice President of Corporate Systems & Enterprise Data, Papa John’s. "From modernizing our ERP systems to enhancing our Workday integrations and building a robust data and analytics foundation, SMC has consistently delivered. We look forward to working together, now with Hexaware, to accelerate modernization." The unified GCC stack now spans advisory, setup, operations, and optimization, ensuring scalability and execution rigor.
"Our clients are increasingly looking for GCC partners who bring more than staffing or infrastructure," said Amrinder Singh, President & Head – EMEA & APAC Operations, Hexaware. "With SMC Squared, we gain proven governance, delivery credibility, and scale in areas where execution strength is non-negotiable." Patricia Connolly, CEO of SMC Squared, added, "This acquisition expands what we can deliver globally with strengthened capabilities across AI, analytics, modernization, cloud transformation, and enterprise platforms."
The acquisition aligns with the booming GCC market in India, driven by demand for outcome-based, high-accountability operations. By combining SMC’s institutional maturity with Hexaware’s proprietary platforms, such as Amaze® for cloud transformation, the company is poised to capitalize on this growth, with plans to expand delivery centers in Latin America and increase client activity in the UK and Europe.
Hexaware’s acquisition of SMC Squared positions it as a leader in the GCC 2.0 era, delivering AI-driven, value-focused solutions for global enterprises. Despite concerns about high valuations (P/E of 44.8), the deal’s strategic fit and immediate closure signal strong growth potential in the digital transformation space.
SMC Squared drives digital evolution through Global Capability Centers (GCCs), empowering businesses to optimize offshore costs and attract top-tier tech talent. Its tailored models—build-optimize-transfer, managed services, and hybrid solutions—ensure cost-effectiveness while establishing high-performing teams aligned with client's brand and boardroom objectives. With a proven recruit-for-fit strategy, SMC Squared enhances quality and productivity, delivering economic advantages supported by client testimonials.
Hexaware is a global technology and business process services company. Every day, Hexawarians wake up with a singular purpose: to create smiles through great people and technology. With offices across the world, we empower enterprises worldwide to realize digital transformation at scale and speed by partnering with them to build, transform, run, and optimize their technology and business processes.
TechIntelPro empowers B2B technology decision-makers with the latest industry trends, deep insights, leadership perspectives and actionable intelligence to drive both organizational and professional milestones—and thrive on the tech pulse.