Hexaware to Acquire Consulting Firm CPS to Deepen AI, Cloud Transformation Push

IT services firm Hexaware Technologies is acquiring UK and UAE-based Consulting Professionals Services (CPS) to strengthen its consulting, AI and cloud transformation capabilities, especially for large financial services clients.

The Mumbai-headquartered company said on May 19 that it has entered into an agreement to acquire the consulting and professional services firm and expects the transaction to close within two weeks. 

Financial details of the deal were not disclosed. 

CPS provides technology consulting and professional services spanning regulatory compliance, governance and risk, technology infrastructure and business transformation, primarily to an FTSE 100 client.

The acquisition comes at a time when Indian IT services companies are sharpening their consulting and advisory capabilities to capture larger AI-led transformation mandates from global enterprises. Companies are increasingly looking to combine traditional IT outsourcing with higher-value consulting around cloud migration, governance, compliance and AI implementation.

Hexaware said it already has an existing relationship with the FTSE 100 client served by CPS and is among its top IT service providers. The acquisition is expected to help consolidate a larger share of the client’s technology spending under Hexaware.

“With CPS, we gain access to high-performance talent in the UAE and UK. This acquisition adds scale and strengthens our credibility in program assurance and cloud engineering, which is significant as we expand our delivery locations and workforce diversity,” said Parameshwaran Iyer, Country Head for UK and Ireland at Hexaware. 

The company said the deal would strengthen its ambition to become a larger AI and cloud transformation partner for financial institutions and other blue-chip enterprises, expanding capabilities from advisory and consulting to implementation and operations. 

The move also underlines a broader trend of mid-tier IT firms pursuing targeted acquisitions in consulting and domain-specialist firms to bolster AI credentials and improve access to large enterprise accounts, particularly in banking and financial services, where regulatory and governance requirements are becoming more complex.

“Having worked extensively in the financial services and market infrastructure sectors for a number of years, we believe this transaction will enable us to deliver greater value to our clients, drawing on the wider capabilities of Hexaware,” said Amjad Riaz, Managing Partner, CPS.

Hexaware posted a revenue of ₹3,613 crore for the quarter ended March 31, while net profit rose 7.5% YoY to ₹351.6 crore.