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Inside the BPM M&A Wave: Strengthening Capabilities and Expanding Reach
Inside the BPM M&A Wave: Strengthening Capabilities and Expanding Reach

April 21, 2025

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The Business Process Management industry has seen a wave of strategic acquisitions with five notable deals in the past six months. These acquisitions reflect a broader push by companies to scale rapidly, deepen their expertise, and expand geographic footprint through targeted acquisitions.

What’s Driving These Acquisitions?

  • Strengthening Capabilities

Note: Data analysed for the period Oct 2024 - Mar 2025

Key acquisitions

Illustrative

Acquirer

Target

Reason

Employee addition

WNS

Kipi.ai

Expand data analytics and AI capabilities

600

Fusion CX

Sequential technology

Enhances market position, expands geographically 

1350

Sagility

Broadpath

Boost growth in the mid-market payer segment

1600

Fusion CX

S4 Communication

Expand into telecom and utility sector

900

Infinx

MedReceivables Advisor

Strengthen pathology revenue cycle services

Not disclosed

Source: Company website

Note: Data analysed for the period Oct 2024 - Mar 2025

 

Let’s deep dive into each of these acquisitions:

WNS - Kipi.ai:

About the Target - Kipi.ai is Kipi.ai is a data and analytics company, specializing in data modernization and democratization services on the Snowflake platform.

Target vertical: BFSI, Manufacturing, Retail, Hi-Tech, and Healthcare & Life Sciences

Target location: US centric clientele

Customers: Snowflake customers

Acquisition value: USD 75–100 Mn

Strategic rationale:

  • Expands WNS' AI and analytics practice, enabling data-driven decision intelligence across industries.
  • Adds ~600 employees globally, including over 450 data engineers, solutions architects, data scientists, and business analysts.

Impact:

  • Revenue: While the deal is not expected to materially impact WNS’ Q4FY25 revenue, it is projected to contribute around 2% to revenue (less repair payments).
  • Headcount: Acquisition will increase the headcount from 63,390 in Q3FY25 to 63,990.
  • WNS gains access to 250+ proprietary solutions built on technologies like GenAI and machine learning.

 

Fusion CX - Sequential Technology

About the Target: Sequential Technology is a CX services provider with a strong foothold in telecom and utilities.

Target vertical: Telecom, Utilities, and Healthcare

Target location: Bethlehem, Manila, Bangalore, Gurugram, and San Salvador

Target customers: CX services to clients in telecom, utilities, and healthcare

Acquisition value: USD 12 Mn

Strategic rationale:

  • Geographic expansion: Strengthening its CX delivery footprint across global hubs like Manila, Bangalore, and San Salvador.
  • Aligns with strategy to grow inorganically.

Impact:

  • Revenue: This acquisition adds about USD 38 Mn revenue to Fusion CX
  • Headcount: After this acquisition, the employee strength rises to over 20,000 worldwide.
  • This is Fusion’s largest acquisition to date and significantly bolsters both its topline and bottom line.

Sagility - BroadPath:

About the Target: BroadPath is a US-based healthcare services provider with offerings including member engagement, claims administration, and provider credentialing.

Target vertical: Healthcare

Target location: North America

Target customers: Payers, Third-party administrators, and providers in the healthcare sector

Acquisition value: USD 58 Mn

Strategic rationale:

  • Strengthens Sagility’s position among the top ten largest health plans in the US.
  • Adds 30+ new clients
  • Aligns with Sagility’s strategy to diversify its client base and add new capabilities to its services portfolio.
  • Provides opportunities to cross-sell to mid-market players like TPAs, PBMs, and providers.
  • Adds 1,600 skilled professionals.

Impact:

  • Revenue: In Q3FY25, revenue increased 9% q-o-q, reaching USD 172 Mn, following the acquisition
  • Headcount: Total headcount reached 39,595 n Q3FY25, post this acquistion
  • Expected to be immediately accretive to EPS.
    • Shares of Sagility India surged by 5% post this acquisition.
  • Enhances Sagility’s market-facing capabilities and client relationships.

 

Fusion CX - S4 Communications

About the Target: S4 Communications is a business process outsourcing services provider specializing in delivering 24/7 customer support through people-focused, technology-agnostic, globally scalable solutions.

Target vertical: Telecom and Utilities

Target location: North America

Target customer: Prominent telecom brands

Acquisition value: Undisclosed

Strategic rationale:

  • Acquisition deepens Fusion CX’s strength in the telecom and utilities verticals.
  • Brings scalable, tech-agnostic customer support expertise, while Fusion layers in AI-powered tools—voice bots, chatbots, and real-time analytics.

Impact:

  • Revenue: Adds USD 23.5 Mn to revenue.
  • Headcount: Adds 900 employees in Houston - Texas, and the Philippines
  • Expand its presence in the telecom and utilities verticals
  • Adds US telecom brands in client portfolio.

 

Infinx - MedReceivables Advisor

About the Target: Leader in pathology billing and revenue cycle management for hospital based-practices.

Target vertical: Healthcare - Administrative processes

Target location: North America

Target customer: Hospital based physicians in Pathology, Radiology, and Emergency.

Acquisition value: Undisclosed

Strategic rationale:

  • Expands Infinx’s offerings in patient access and revenue cycle management
  • Adds new capabilities to support healthcare providers and reduce administrative burdens.
  • Strengthens key areas such as eligibility verification, accounts receivable (A/R) management, denials handling, and litigation support

Impact:

  • Broaden Infinx’s market share and solution portfolio.
  • Positions it as a one-stop shop for modern healthcare billing and revenue operations.

What this means?

The common thread across these deals is the shift from traditional BPM towards high-value, technology-enabled services that can deliver differentiated client outcomes. From this lens, these acquisitions aren’t just about growth—they’re strategic bets to stay relevant and competitive.

Source:

News articles

Company website

Note: Data analysed for the period Oct 2024 - Mar 2025


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Prajwal Pandey
Research Analyst

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