QX Global Group Secures £100m Growth Investment from Long Ridge Equity Partners
PRNewswire
Ahmedabad (Gujarat) [India], July 11: QX Global Group ('QX') is a leading provider of business process management ('BPM') services. QX has built a uniquely integrated platform that leverages its BPM expertise along with consulting services and automation technologies (including artificial intelligence) to unlock value for its customers. As QX seeks to further expand its platform capabilities and global growth footprint, it is pleased to announce that it has secured a growth investment of £100 million+ from Long Ridge Equity Partners ('Long Ridge').
QX specialises in business & digital transformation, BPM and consulting services within the accounting, recruitment, real estate, manufacturing, public sector, higher education, healthcare, consumer packaged goods, retail, and utilities and energy sectors. Based on its unique capabilities and specialized approach, the company saw revenue grow by approximately 30% over the past twelve months, and is rapidly emerging as a global leader in the space.
QX spent over a year considering the attributes of a potential investment partner and met a number of potential investment firms as part of the process. Ultimately, the QX leadership team hand-picked Long Ridge because of their experience in the tech-enabled services industry and excellent track-record partnering with fast-growing, high potential businesses like QX.
"The Long Ridge team brings a wealth of senior experience in the BPM and consulting sectors. I am so proud of everything that has been achieved at QX so far, and I couldn't have asked for a more impressive and experienced investment partner to support the next stage of the QX growth story," saidChris Robinson, Founder of QX Global Group.
The partnership brings together one of the fastest-growing global BPM specialists with a recognised US-based growth equity firm with a stellar history of helping build some of the world's leading companies in the technology and tech-enabled services sectors.
Angad Singh, Partner and Jim Brown, Founder and Managing Partner, Long Ridge jointly said, "We are very excited to welcome QX to the Long Ridge portfolio and have very high hopes of a truly rewarding growth partnership with Pom and his team over the coming year."
Whilst the majority of the QX Board and management team will remain in their roles and reinvest in the company, the following key changes will come about as a result of the deal:
Following the investment, Founder and Executive Chairman Chris Robinson will step down from the QX Board after leading the business for the last 20 years.
Abid Neemuchwala will join the company as Chairman. Abid is a recognized leader in the BPM industry, and will work closely with the QX team as the company executes on its growth strategy. He is an advisor on Long Ridge's Executive Council and previously held the role of CEO at Wipro.
Frank Robinson, QX Global Group's CEO since 2018, will step into the role of Board Executive Director and retain a significant investment in QX Global Group.
Pom Chakravarti will assume the role of Group CEO. Pom has been with QX for nearly 20 years and has extensive experience as a leader across all the business's main divisions, and previously served as the company's Chief Strategy Officer.
QX received corporate finance advice from Corbett Keeling, legal advice from Dechert, and financial and commercial vendor due diligence, and tax advice from Ernst & Young. Long Ridge received legal advice from Travers Smith and Choate, accounting and tax advice from KPMG, and debt financing from HSBC.
About QX Global Group
QX was founded in the UK in 2003 by Chris Robinson and a small team of 5 Indian accountants based in Ahmedabad. Over the last 20 years, QX has put itself at the heart of this dynamic sector and had a vision to enable transformation for its clients through end-to-end enterprise solutions. QX has grown to a team of over 3,000 staff spread across operations in 18 countries, including five delivery centres in India and one in Mexico.
About Long Ridge Equity Partners
Founded in 2007, Long Ridge is a US-based growth equity firm focused on investing in the tech-enabled services, enterprise software and financial technology industries. Over their 17-year history, they have had the opportunity to work with and help build some of the world's leading companies in the technology and tech-enabled services sectors.
Media Contacts:
Vishal Kurani
VP of Marketing, QX Global Group,
vishal.kurani@qxglobalgroup.com
Rob Iles
Managing Director, Visionise Ltd,
rob@visionise.co.uk
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