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Warburg Pincus controlled WNS Holdings is working on an outright acquisition or a strategic merger with rival outsourcing firm Firstsource Solutions, in which ICICI Bank holds a little over 26 percent. WNS is looking to buy out ICICI Banks stake and mop up shares held by some other private equity investors as well, sources said.
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Bad times for some American companies is turning into good times for Indian legal offshoring industry.
For reasons largely economic and partly cultural, Indias legal process outsourcing, or LPO, services providers have seen a sizeable uptick in business since the US economy has faltered. In particular, firms that handle support functions, such as reviewing documents and researching witnesses for US litigation, have enjoyed the biggest increases amid mounting disputes over who knew what and when in the mortgage and related markets meltdown.
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The countrys third largest BPO firm Firstsource Solutions has received about GBP 6.7 million about Rs 54 crore of support to scale up presence in Northern Ireland, from an arm of the Government there. The ICICI Bank promoted firm will create 800 new jobs in Northern Ireland by establishing a new centre of excellence and expanding its existing operations in Londonderry, according to the Invest Northern Ireland NI Web site.
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Indian IT service providers are poised to look at a larger share of the global USD 28 billion addressable remote infrastructure management RIM services in the next five years, on account of cheaper labour and deeper skillsets, according to a recent report jointly prepared by Nasscom and advisory firm Mckinsey. Indian IT service providers already account for about 60 percent of the global RIM services. RIM, a general term used for the management of various IT services such as applications, network, IT helpdesk, software deployment and support, forms a part of the broader IT BPO outsourcing industry.
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Human resource outsourcing HRO is seen as the next big thing for Indian BPO firms that are looking to expand the scope of their service and reach. Under such deals, companies can outsource various HR functions such as payroll, recruitment, employee data management etc. A typical deal is of six seven year duration.Of the 39 global enterprise endtoend HRO deals announced last year, Indian vendors won four orders at a cumulative deal size of 350 to 400 million. This number is impressive, since this was the first year when Indian vendors have won enterprise HRO deals, Rajesh Ranjan, director, Everest Research, an off shoring advisory firm said.
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The Business Process Outsourcing BPO vendors having United States based clients share mixed reactions due to the temporary slump in the US economy. This will be further heightened till the time final election results are not out and the new president doesnt announce some relief with string of measures to combat the credit crunch heat.
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Firstsource Solutions, one of the leading global BPO services providers and Bharti Airtel, Indias largest private telecom services provider, have signed a three year outsourcing agreement. Firstsource will provide a suite of BPO services covering both voice and backoffice in areas such as customer accounting, VAS provisioning, fraud and credit monitoring, customer service, collections, customer retention and the likes to Airtel from its centres in Chennai and Mumbai. It will set up centres in Vashi, New Bombay and Chennai for Airtel and expects to have over 1000 employees in the first year focused on providing services in English and 8 other regional languages to Airtels customers.
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CMO Axis Outsourcing Services Private Limited, the first MPO, was launched today in Chennai. Founded by Vinod Harith, former global head of marketing communications, Wipro Technologies and Pramod Harith, former head of marketing for MeritTrac Services, this company will address the demand for outsourcing and offshoring of marketing services.
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Outsource Partners International, Inc. OPI, a leading provider of finance, accounting, and tax business process outsourcing BPO as well as related services, announced the opening of its new, 280,000 square feet Shared Service Center in Bangalore. OPI commemorated the inaugural ceremonies with speeches and a facility tour for some 1,500 employees, clients, analysts, and friends of the company.
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Technology firm IPVG Corp. has announced that it entered into a USD 1million joint venture deal with Indian financial solutions provider, Credence Analytics.Under the joint venture, the parties will form a new firm called Verity Analytics, which will engage in knowledge process outsourcing KPO services to banking and financial sectors worldwide.The new companys delivery center will be located in Mumbai, India and will start operations in July.
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IT company IPVG Corp. has announced a Joint Venture Agreement with Credence Analytics, the 6 financial solutions provider in the world and 1 in India offering Treasury, Trust and Risk Management Solutions. Under the joint venture, the parties will form a new company called Verity Analytics, which will engage in providing knowledge process outsourcing KPO services to banking and financial sectors around the world. The delivery center will be located in Mumbai, the financial capital of India and will officially commence operations in July 2008.
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Marlabs India, a wholly owned subsidiary of Marlabs Inc., today announced the launch of a new exclusively focused division, providing KPO services to the health insurance sector. The new unit, which currently operates from the company's Bangalore and Mysore offices, will soon expand to other cities as well. Marlabs intends to hire over 2,000 medical professionals over the next 18 months to staff the KPO division and is investing close to US USD 7 to 8 million in the venture. The KPO unit which is already functional in Bangalore and Mysore currently has 400 professionals on its rolls.
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The slowdown in the U.S. economy would at best have a moderate impact on the global IT services and BPO industry, according to a global survey of service providers and buyers of IT and BPO services conducted by the CyberMedia publication for the outsourcing industry, Global Services in its forthcoming issue.
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Barclays, the British banking major has decided to set up a 5000 seater captive BPO unit in India.The bank, which sold its 50 percent stake in BPO firm Intelenet Global Services last year, had earlier asked the BPO firm to set up a 1,000 seat BPO facility under the build operate transfer BOT model. However, it has now decided to go on its own.
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Twenty one Indian companies, including Infosys Technologies, Tata Consultancy Services TCS and Wipro, are among the top 100 BPO firms in the world, according to a new study. Five of the Indian firms figuring among the 10 best outsourcing service providers include Infosys, TCS, Wipro, Genpact and Tech Mahindra.
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Infosys BPO, which started knowledge process outsourcing KPO services as a part of its BPO offerings four years ago, is aiming to make Gurgaon the hub for its KPO business. The company is setting up a large centre for knowledge services, capable of accommodating 8001,000 people. It will be operational by the end of the current financial year. Currently, Infosys has a team of about 200 people in Gurgaon.
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IT enabled services provider, Tricom India, today said it has acquired Godrej Global Solutions GGSL for a consideration of Rs 19.63 crore. Tricom plans to fund the acquisition through a mix of cash and fully convertible debentures, entirely through the internal accruals of the company, Tricom said in a press release issued here today.
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Business process outsourcing company Sutherland Global Services, with significant offshore operations in Chennai, Kochi and Mumbai, is setting up its first global campus in Chennai. The campus will come up in the ITeS corridor of Chennai. When fully operational, the Sutherland campus in Chennai will employ over 10,000 people. The Sutherland campus will also house the Sutherland Academy of Excellence, a best in class global training and development centre for all Sutherland employees.
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As the global insurance market hots up, actuaries have become hot property. And ever since actural process outsourcing APO has caught up, KPOs especially in India are wooing actuaries with lucrative packages. Experts say, the estimated revenue from Indian offshore insurance BPO services are expected to rise from USD790 million in 2007 to about USD2 billion by 2010. However, as the market matures, Indian IT companies, who till now provided only back office insurance services like claims processing and others, are now moving to doing the more complex actuarial valuations jobs as well.
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Indias second largest third party BPO firm, WNS Global Services, has decided to carve out a separate group from its existing services called the business technology group and has moved its chief information officer, Atul Davda, to head the effort. The move will represent the first serious foray by a pureplay BPO firm into platform based BPO services, business processes that are run on a unified technology platform owned by the vendor rather than on separate client platforms.
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