Xoriant acquires specialised consulting firm Thoucentric to expand portfolio

ChrysCapital-backed digital services firm Xoriant announced the acquisition of consulting firm Thoucentric on Friday for an undisclosed amount.

With this strategic acquisition, California-based Xoriant aims to expand its existing portfolio and enhance the services it provides. Till now, the company provided services related to AI & Data, cloud security and operational services.

Thoucentric has worked with leading companies in consumer and packaged goods (CPG) sector for the past eight years. The consulting firm has a workforce of 450 employees, which include both business and technology consultants.

Thoucentric has also built point solutions and products through Thoucentric labs using AI/ML in the supply chain space.

Along with the acquisition, Xoriant also announced that this deal will result in a 10% decrease of its existing workforce of 5,000 employees.

“We are very excited to welcome Thoucentric’s admirable leadership team, consultants, and global clients, to Xoriant. Together, we can deliver high-end consulting and technology transformations to our clients. Xoriant and Thoucentric share complementary business models and core guiding values, and at a time when business problem solving is key to success of digital programs, I am confident that our new Thoucentric colleagues will create immense value in joint programs,” said Sukamal Banerjee, MD & CEO of Xoriant.

The founders and promoters of Thoucentric, Archi Bagchi and Neelakshi Kotnis, issued a joint statement: “We are delighted to join our new colleagues at Xoriant. We look forward to leveraging the synergies, scale, digital capability and geographical footprint of Xoriant. This will help expedite and enrich the problem solving journey for our clients together. We consider it a matter of pride and validation of our unique people centric framework that an established organisation like Xoriant has chosen Thoucentric as its consulting brand.”

This deal came eight months after India-based private equity fund ChrysCapital acquired Xoriant. The value of that acquisition was also disclosed.