In 1968, the Beatles visited northern India to study transcendental mediation. Ever since, Western travelers have been following in their footsteps, visiting India in search of unique, exotic and transformative experiences. Among them: incentive travelers, for whom India is a destination of growing interest.
But it's not just India's tourism credentials that are growing. It's also its larger economy, which is the fastest-growing economy in the world, according to the World Bank.
Against both backdrops -- more foreign companies wanting to reward high-performers with Indian travel, and more Indian companies wanting to incent and grow their domestic workforce -- employee recognition and rewards company O.C. Tanner of Salt Lake City this week announced that it has acquired Kwench, an India-based provider of corporate recognition solutions with a client roster of more than 500 companies across 63 countries.
Although O.C. Tanner already has offices in Mumbai and Hyderabad, the deal will further bolster its presence across the Indian subcontinent, the company said.
"We've enjoyed tremendous success with our O.C. Tanner India team, and the addition of the Kwench team and technology will combine the strengths of two market leaders to help us better serve our collective client base," said O.C. Tanner CEO Dave Petersen. "While we've largely focused on multinational clients, the Kwench focus has been primarily on companies headquartered in India, so this acquisition will fuel even greater growth. We measure progress and success by how many employees and workplaces we can positively impact through our recognition programs and strategies -- and we are very excited to welcome the Kwench team into our global organization."
Added Kwench CEO Sunder Nookala, "We are truly excited to join the O.C. Tanner family and see it as a perfect meeting of minds, culture and aspirations. It is indeed a validation of India's market potential and Kwench's capabilities that the world's largest recognition company has chosen to make this acquisition."