Headstrong sold to Genpact

Backoffice services provider Genpact is buying smaller rival Headstrong for $550m (£336.8m) in cash as it seeks to strengthen its financial services offerings. The purchase of privately held Headstrong, which gets most of its sales from the capital markets, will help Genpact’s banking, financial services and insurance (BFSI) business as the economy recovers from the recession. “BFSI has slightly better margins than the rest of Genpact's business,” chief executive Pramod Bhasin said. The deal, Genpact's biggest yet, is the second-largest this year by an Indian IT services company, following iGate's purchase of Patni Computer Systems for $1.2m.