Credit Suisse (CS) Invests In India-based Sapience Analytics
Zacks Investment Research | Aug 29, 2017 09:07PM ET
In an effort to expand in markets with vibrant growth opportunities, Credit Suisse (SIX:CSGN) Asset Management’s NEXT Investors, a wing of Credit Suisse Group AG (NYSE:CS) , announced its plans to invest in Pune, India-based Sapience Analytics. Financial terms of the deal remain undisclosed.
Sapience provides distinctive enterprise workforce analytics and efficiency solutions. It has developed software which allows managers to track the usage of employees’ PCs, laptops, tablets and mobile phones and thus, help increase the productivity of their employees. They can track the daily/weekly/monthly activities of each of their direct employees, once the data has been uploaded to the server-component from each employee's computer. Hence, the company is known as a “people analytics solutions company.” Currently, Sapience has more than 100,000 users and over 70 major customers who use its technology.
Credit Suisse’s direct employees will not be using Sapience’s technology, instead the third parties working for Credit Suisse will be using it. This technology will enable institutions to manage their employees efficiently.
According to Greg Grimaldi, a portfolio manager at NEXT Investors, financial institutions need these services the most because they “need to be smarter in how they deploy resources and allocate workforce.”
Sapience’s CEO is very optimistic about the company’s growth in the U.S. markets, as its headquarters will be shifted to the United States. The above discussed investment will be primarily used to escalate the company’s expansion in the U.S. markets.
Shares of Credit Suisse have gained 13.1% over the last 12 months compared to the Zacks Investment Research
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