QX Global Group, a leading business process management (BPM) service provider, announced that it has secured a growth investment of £100+ million from Long Ridge Equity Partners. QX specializes in business & digital transformation, BPM, and consulting services within the accounting, recruitment, real estate, manufacturing, public sector, higher education, healthcare, consumer packaged goods, retail, and utilities and energy sectors.
Based on unique capabilities and a specialized approach, the company saw revenue grow by approximately 30% over the past year and it is rapidly emerging as a global leader in the space.
QX spent over a year considering the attributes of a potential investment partner and met with several potential investment firms as part of the process. The QX leadership team hand-picked Long Ridge because of their experience in the tech-enabled services industry and excellent track record of partnering with fast-growing and high-potential businesses like QX.
This partnership brings together one of the fastest-growing global BPM specialists with a renowned growth equity firm with a history of helping build some of the world’s leading companies in the technology and tech-enabled services sectors.
While the majority of the QX Board and management team will remain in their roles and reinvest in the company, these key changes will come about as a result of the deal:
1.) Following the investment, Founder and Executive Chairman Chris Robinson will step down from the QX Board after leading the business for the last 20 years.
2.) Abid Neemuchwala will join the company as Chairman. Neemuchwala is a recognized leader in the BPM industry, and will work closely with the QX team as the company executes on its growth strategy. And he is an advisor on Long Ridge’s Executive Council and previously held the role of CEO at Wipro.
3.) Frank Robinson, QX Global Group’s CEO since 2018, will step into the role of Board Executive Director and retain a significant investment in QX Global Group.
4.) Pom Chakravarti will assume the role of Group CEO. Chakravarti has been with QX for nearly 20 years and has extensive experience as a leader across all the business’s main divisions, and previously served as the company’s Chief Strategy Officer.
QX has received corporate finance advice from Corbett Keeling, legal advice from Dechert, and financial and commercial vendor due diligence, and tax advice from Ernst & Young. And Long Ridge received legal advice from Travers Smith and Choate, accounting and tax advice from KPMG, and debt financing from HSBC.
KEY QUOTES:
“The Long Ridge team brings a wealth of senior experience in the BPM and consulting sectors. I am so proud of everything that has been achieved at QX so far, and I couldn’t have asked for a more impressive and experienced investment partner to support the next stage of the QX growth story.”
— Chris Robinson, Founder of QX Global Group
“We are very excited to welcome QX to the Long Ridge portfolio and have very high hopes of a truly rewarding growth partnership with Pom and his team over the coming years.”
— Angad Singh and Jim Brown, Long Ridge
