Overview of Genpact

Largest market leader in India-based Business Process Outsourcing (“BPO”), providing a broad set of capabilities to its clients as a service
including financial and accounting, collections and customer service, insurance, supply chain, and Enterprise IT services

Company Overview Business Overview

 Founded in 1997 as offshore captive by General Electric
(“GE”)
– Re-organized as an independent business in Dec/’04 (60% stake
sold to General Atlantic and Oak Hill, Wachovia later acquired
9%)
 Market leader in the offshore BPO market to the banking
and financial services, insurance, manufacturing,
transportation, and healthcare industries
 Total Employees: 43,300
 Delivery Centers: 40 in:
– India, USA, China, Mexico, Romania, The Netherlands,
Hungary, The Philippines, Spain, Poland, Guatemala, South
Africa and Morocco
 Key Competitors:
– Pure-play BPO: WNS / EXLS
– BPO/ Offshore IT Services: Wipro, Infosys, HCL
– BPO / Global IT Services: ACN, IBM, ACS (Xerox)
 Broad set of Business Process capabilities:
– Financial and accounting services: transaction services, core
accounting and operations services, and decision support services
– Collections and customer services: accounts receivable
management, voice, non-voice and origination / order management
– Insurance services: product development, sales and marketing,
policy administration, and claims management services for the life
and annuities, P&C, and health insurance markets
– Supply chain and procurement services: sourcing; sales,
inventory, operations planning and logistics
– Enterprise application services: enterprise resource planning,,
database architecture and administration, supply chain
management, financial management and customer relationship
management solutions
– IT infrastructure services: end-to-end management of data
centers, network service and security, identity management, and
end-user help desk support

Summary of Financial Statistics / Key Customers Stock Price Performance (since IPO)
December FYE $20.00 15000
Share price $14.54
38% of LTM
Equity Value $3,212
Enterprise Value 2,763
revenue $15.00
10000
Statistic Multiple
Other Key Customers: $10.00
CY10A Rev $1,259 2.2x Wachovia / Wells Fargo, Aon, Bupa, BT
CY11E Rev 1,409 2.0x financial Group, Cadbury Schweppes, Ceredium, 5000
CY10A EBITDA $252 11.0x $5.00
Diebold, Genworth Fiancial, GlaxoSmithKline,
CY11E EBITDA 283 9.8x Hercules , Honeywell, Hyatt, Ingenix, Invensys,
CY10A EPS $0.74 19.6x KION Group, Kimberley Clarck, MassMutual, $0.00 0
CY11E EPS 0.80 18.2x Nissan, Penske, Westpac Aug/07 Feb/08 Aug/08 Feb/09 Aug/09 Feb/10 Aug/10 Feb/11

Source: Company SEC Filings, CapitalIQ and Wall Street Research.

 Genpact 1
Case Study: Genpact Spinoff from GE
IPO August 2, 2007
Spin-out Overview Transaction Shareholdings
 In advance of a buildout of the business, General Electric Percent
sold a 60% stake in Genpact to an entity owned by Shareholder Pre-IPO Post IPO
General Atlantic and Oak Hill for $780MM General Atlantic 29% 24%
– Wachovia later invested for a 9% stake Oak Hill 29% 24%
GE Capital 27% 22%
– Prior to this stake-sale, Genpact was an entirely 50% primary,
Wachovia 7% 6%
50% secondary
captive part of GE, in 2005, following the sale, Directors and Officers 1% 1%
Genpact began adding third-party customers Other 0% 0%
New Shareholders 18%
 Through 2005 till the August 2007 IPO, Genpact Total Basic Shares 94% 95%
successfully added 35 non-GE customers and diversified Options, TSM 6% 5%
its revenue base Fully-diluted shares 100% 100%
– At time of IPO, revenue earned from GE was
approximately 62% of total LTM revenue, and IPO Transaction Statistics
~50% of expected 2008 revenue December FYE
Share price $14.00
 August 2007 IPO Transaction: Equity Value $3,078
– $14.00 / share for approximately ~41MM shares, Enterprise Value 2,976
total capital raised of ~$570MM
Statistic Multiple Other statistics
– 50% primary and 50% secondary shares, excluding
over-allotment option (100% primary over- CY07E Rev $794 3.7x CY08/07 Rev. growth 28%
allotment option) CY08E Rev 1,016 2.9x
CY07E EBITDA $159 18.7x CY07E EBITDA margin 20%
• Of the Secondary shares, 2/3 sold by CY08E EBITDA 202 14.7x CY08E EBITDA margin 20%
Sponsors, 1/3 sold by General Electric CY07E EPS $0.40 35.0x
CY08E EPS 0.63 22.2x
• 180 day lock-up period
Note: Company SEC Filings, Wall Street Research.

Sponsor involvement instrumental to business growth and public

interest in the IPO
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