Genpact Limited Announces Share Repurchase Program
NEW YORK, February 27, 2015 — Genpact Limited (NYSE: G), a global leader in designing, transforming, and running intelligent business operations, today announced that its Board of Directors has authorized the repurchase of up to $250 million of the company's common shares from time to time on the open market or in privately negotiated transactions.
N.V. ‘Tiger’ Tyagarajan, Genpact’s president and CEO, said, “A share repurchase program is an important tool in our capital allocation framework and reflects our confidence in Genpact’s ability to deliver long-term profitable growth and generate significant operating cash flow. As we execute our growth strategy, we will continually consider opportunities, including acquisitions, that allow us to create value for our shareholders."
The timing and amount of any shares repurchased will be determined by the company's management based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be canceled.
The repurchase program will be funded using cash or debt facilities. As of December 31, 2014, the company had cash and cash equivalents of approximately $462 million. Genpact Limited had approximately 218.7 million common shares outstanding as of December 31, 2014.
Genpact stands for “generating business impact.” We design, transform, and run intelligent business operations including those that are complex and specific to a set of chosen industries. The result is advanced operating models that assist our clients in becoming more competitive by supporting their growth and managing cost, risk, and compliance across a range of functions such as finance and procurement, financial services account servicing, claims management, regulatory affairs, and industrial asset optimization. Our Smart Enterprise Processes (SEPSM) proprietary framework helps companies reimagine how they operate by integrating effective Systems of EngagementTM, core IT, and Data-to-Action AnalyticsSM. Our hundreds of long-term clients include more than one-fourth of the Fortune Global 500. We employ over 67,000 people in 25 countries with key management and corporate offices in New York City, while remaining flexible and collaborative with a management team that drives client partnerships personally. We believe we generate impact quickly because of our unparalleled experience running complex operations and business domain expertise, driving our focus on what works and making transformation sustainable. We have a unique history: behind our passion for process and operational excellence is the Lean and Six Sigma heritage of a former General Electric division that has served GE businesses for more than 16 years. genpact.com. Follow Genpact on Twitter, Facebook, LinkedIn, and YouTube.
Statements in this press release regarding the company's intention to repurchase its common shares from time to time under the share repurchase program, the intended use of any repurchased shares and the source of funding are forward-looking statements. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements. These include, among others, the market price of the company's shares prevailing from time to time, the nature of other investment opportunities presented to the company from time to time, the company's cash flows from operations, general economic conditions, and other factors identified in the company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the SEC. Genpact undertakes no obligation to update any forward-looking statements that may be made from time to time by or on behalf of Genpact.
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