Fusion of experience innovation and process innovation enables end-to-end digital transformation for enterprises
Genpact, a global professional services firm focused on delivering digital transformation, announced a definitive agreement to acquire Chicago-based Rightpoint, a premier digital consultancy with technology at its core. The deal is designed to bring experience and process innovation together to help clients drive end-to-end digital transformation and win in the growing experience economy. Rightpoint’s co-founder Ross Freedman will continue as CEO of this business.
The convergence of market forces and consumer demand has elevated the role of experience from that of a front-end design function to a strategic lever that has the ability to impact the entire organization, connecting the front, middle and back office. In fact, leading industry analysts predict rapid growth in experience innovation and have estimated the experience market to be more than $30 billion for middle and back office functions in 2019. More broadly, Forbes reports that 89% of enterprises are competing on experience, up from 36% in 2010. SAP states that experience is now the organizing principle of the global economy and solving the experience gap is a $1.6 trillion problem.
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“To compete in a digital-first world, drive better outcomes, and unlock new business models, businesses must be able to drive transformation throughout an organization – from customer experience through to operational processes,” said ‘Tiger’ Tyagarajan, president and CEO, Genpact. “In the next two years, the fusion of experience innovation and process innovation will become ‘table-stakes’ as organizations look to reposition themselves in the market. I am very excited to have Ross and the very talented Rightpoint team join Genpact as we together help transform our clients’ businesses in this experience economy.”
This acquisition combines Genpact’s deep process, domain, and digital expertise with Rightpoint’s proven ability to create impactful experiences for both customers and employees. Genpact’s global reach and client base will help fuel Rightpoint’s continued expansion, as it focuses on growth, which will also include expanding core offerings.
“We have always believed that every company is either a technology company today or will need to reinvent themselves to become one tomorrow. To thrive in the experience economy, organizations must successfully redesign and transform all aspects of their business from the front office to the back office,” said Ross Freedman, CEO, Rightpoint. “Joining Genpact allows us to realize our vision of helping clients succeed at the speed of innovation.”
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Today’s news builds on the ongoing investment Genpact has made in deepening its experience expertise organically and through acquisition, including the 2017 acquisition of TandemSeven, an experience consultancy. These early investments have proven to be a critical differentiator in Genpact’s ability to win and drive large-scale end-to-end transformation for its clients and is a key source of value creation. The addition of Rightpoint to these existing capabilities will significantly accelerate the ability to drive transformative outcomes for clients.
Rightpoint was founded in 2007 and has made a name for itself as a leading authority on customer experience. The company was ranked 28th fastest growing technology consultancy in America on the Inc. 5000 and serves more than 250 Fortune 1000 companies. In 2015, Rightpoint partnered with private equity firm Stella Point Capital to help fuel its growth. The company has five core solution areas, including customer experience and engagement, commerce, digital products, digital workplace, and digital operations.
Terms of the transaction are not disclosed. The acquisition is subject to customary closing conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. Morgan Stanley & Co. LLC acted as the exclusive financial advisor to Genpact. CG Petsky Prunier, part of the Canaccord Genuity Group, served as the exclusive financial advisor to Rightpoint.
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