We established 35 new client relationships this quarter across all major industry groups, up from 26 in quarter 2 of 2011. We continue to expand relationships with existing clients in key growth verticals, such as CPG, BFSI and manufacturing. Clients representing between $1 million and $5 million in annual revenues increased to 120 from 103 in quarter 2 of 2011, which provides a good runway for future growth. These results were in line with our expectations and continue the momentum we've had since the beginning of 2011.
We have evolved our growth strategy over time. Let me discuss our results in the context of the 5 key elements of the strategy with some recent examples. First, guide global enterprises to best in class through our proprietary Smart Enterprise Process framework that delivers improved outcomes for them. Clients tell us that they are looking for partners to help them migrate their businesses to a more variable cost structure, find innovative solutions to help them balance the challenges of lower growth in developed economies, while simultaneously capturing higher growth in emerging markets and drive a comprehensive agenda of transformation to achieve all of these.
In each of these cases, Genpact's key differentiator as a partner is our ability to deliver better outcomes and effectiveness, not just in the services we manage for the client but across the client's entire delivery footprint. All this leads to deeper client relationships over time and a much bigger impact for them.
As an example, in the second quarter, we won an engagement with a large global financial services clients, where we will apply our proprietary SEP framework to create best-in-class processes as part of their IT infrastructure transformation project. SEP will generate a roadmap that will allow the client to leverage their $1.3 billion total IT spend for higher impact. This engagement includes a significant gain-share component.Read the rest of this transcript for free on seekingalpha.com