BENGALURU: Quess Corp Ltd, a business services provider owned by Thomas Cook (India) Ltd, on Tuesday announced that it has completed the acquisition of MFXchange holdings Inc from Fairfax Financial Holdings Limited with the purchase of the remaining 51 per cent stake in the company. Quess had earlier acquired a 49 per cent stake in MFX from Fairfax in November 2014 under the purchase agreement.
Based out of Morristown, New Jersey (US), MFX is provider of hosted information technology applications and outsourcing solutions for the US commercial property and casualty insurance industry.
The acquisition is expected to strengthen Quess’ Global Technology Solutions business segment due to MFX’s presence in the niche insurance focused IT Products and Solutions space in North America, according to a statement.
Quess is organised under four verticals namely, global technology solutions, people & services, integrated facilities management and industrial asset management. Headquartered in Bengaluru, the group has more than 115,000 employees, with operations across eight countries. Quess Corp is a subsidiary of Thomas Cook (India) Ltd.
Founded in 2001, MFX is a provider of customised datacenter and infrastructure services including private cloud offerings, across all industries.