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Thomas Cook Arm Gains Full Control of US-based MFXchange

Travel and leisure firm Thomas Cook(India) on Friday said its Bengaluru-based arm, Quess, has gained full control of US-based IT applications and outsourcing firm MFXchange Holding by acquiring an additional 51 per cent stake for an undisclosed sum.
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Thomas Cook Arm Gains Full Control of US-based MFXchange
New Delhi: Travel and leisure firm Thomas Cook (India) on Friday said its Bengaluru-based arm, Quess, has gained full control of US-based IT applications and outsourcing firm MFXchange Holding by acquiring an additional 51 per cent stake for an undisclosed sum.

Quess Corp had on November 3, 2014 entered into a share purchase agreement to acquire 100 per cent stake in MFX from Fairfax Financial Holdings, Thomas Cook said in a regulatory filing.

"Quess Corp, a subsidiary of Thomas Cook (India) Ltd, completed the purchase of the remaining 51 per cent stake in MFX from Fairfax pursuant to the terms of a share purchase agreement that was entered into with Fairfax on November 3, 2014 to acquire 100 per cent stake in MFX," it said.

Based in Morristown, NJ (US), MFX is a leading provider of hosted information technology applications and outsourcing solutions for the US commercial property and casualty insurance industry.

"The acquisition is expected to strengthen Quess's Global Technology Solutions business segment due to MFX's presence in the niche insurance focused IT products and solutions space in North America," the company said.

On December 22, Quess Corp had acquired Styracorp Management Services and IME Consultancy for an undisclosed sum.

Based in Dubai, Styracorp provides human resources staffing solutions in the Middle East.

A fortnight ago, Thomas Cook (India) had completed Rs 535-crore acquisition of rival Kuoni Travel (India) from the Kuoni Group on December 17, 2015. 

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