Agreement builds on almost two decades of strategic partnership; extends ability to drive co-innovation
Genpact (NYSE: G), a global leader in digitally-powered business process management and services, hasÂ announced that it has signed a four-year extension to its Master Services Agreement (MSA) to provide professional services across all GE businesses. Since Genpactâ€™s spin-off from GE in 2005, this is the second MSA extension from the original ten-year agreement.
The MSA further extends the ability for the two companies to co-innovate, leveraging advanced technologies and analytics to rapidly test and deploy digital solutions that drive disruptive business outcomes. Genpact will continue to provide extensive services in technology, analytics, business process management, and professional services for GE business units across the globe. The company applies its Lean DigitalSMapproach that combines process-centric technologies, design thinking, and domain expertise to drive outcomes for GEâ€™s operations including asset monitoring, improved cash flow, supply chain and sourcing optimization, and streamlined finance and accounting functions among many others.
â€œGenpact is a valuable partner to GEâ€™s Digital Industrial portfolio. Using Predix, Genpact is helping drive better performance for the company and our customers. This MSA renewal provides innovative opportunities within the Industrial Internet ecosystem. We look forward to continue working with the team,â€ said Jeff Bornstein, Chief Financial Officer, GE.
The renewal of the MSA is the latest initiative in a deep strategic partnership between the two companies that has spanned decades, and is designed to advance effective digital innovation that enables growth. Genpact is a member of the GE Digital Partner and Alliance Program that is dedicated to growing the digital industrial ecosystem, including the adoption of the Industrial Internet of Things (IIoT). Genpact has also been an early adopter in the GE Predix ecosystem â€“ GEâ€™s cloud-based platform-as-a-service for the Industrial Internet â€“ by training extensive technical resources as well as designing and integrating Predix into clientsâ€™ operations, resulting in increased revenues and efficiencies, improved profit margins and risk management, and enhanced customer experience. Furthermore, as a top tier global partner, Genpact has been working collaboratively with GE Digital on joint solutions to help clients unlock the value from their Industrial Internet initiatives.
â€œWe are extremely proud of the strength of our long term partnership with GE, and are especially privileged that Genpact has been able to adapt, change, and innovate alongside GE as it has transformed its global business model,â€ said â€œTigerâ€ Tyagarajan, president and CEO, Genpact. â€œIt has been a fantastic journey and the road ahead is even more exciting, as we continue to work with GE on their latest evolution focused on driving innovation and transformation through IIoT, which is revolutionizing the industrial world by connecting assets with data and analytics at rapid scale.â€