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MoldTek Technologies, a structural engineering and packaging KPO firm, is acquiring USbased engineering KPO company RMM Global and its India based associate Technet Engineering Services.The USD million deal will enable the Hyderabadbased MoldTek to enter the high rise buildings space.RMM is the USfront end while Technet executes orders from India. Both collectively have about 90 engineers and revenues of about USD 2 million.
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UK based USD2.6 billion services major Serco Group is in talks to acquire Indian BPO player InfoVision Group. The deal size is learnt to be Rs 200 to 50 crore. Industry sources say InfoVision, which is talking to a couple of IT BPO firms, including Serco for a sellout, could finalise a buyer in 3 to 4 weeks. InfoVision provides customer relationship management, finance andaccounting outsourcing, KPO and HR outsourcing. It employs over 11,500 people at centres in India, the US and Australia.
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The global sub prime crisis will force financial institution to offshore more work to cut cost. Business Process Outsourcing BPO from the financial services sector will increase 40 to 45 times the current market size over the next five years, with key drivers of growth coming from cost pressures and the timely advent of more vertical specific offerings by offshore suppliers, predicts the Everest Research Institute.
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Foresters today announced the acquisition of the business segment of GeniSys Management Systems that performs business process outsourcing BPO for Unity Life of Canada, a Foresters company.This is a continuation of Foresters Canadian strategy to realize synergies resulting from the acquisition of Unity Life earlier this year, said George Mohacsi, Foresters President and CEO. Todays announcement gives Foresters increased flexibility to integrate some of Unity Lifes activities so we can provide even better service to our customers and brokers.
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Indian legal process outsourcing LPO sector is currently experiencing a positive effect of U.S. financial crisis as bankruptcy filing incidents as that of the major investment firm Lehman Brothers make many corporate houses and investment banks to shift their credit crisisrelated work to lawyers in India as it is a more viable and costeffective option.With more international firms turn to India for LPO, the sector is expected to witness a surge in business. Major LPOs such as Pangea3, Quislex and Mindcrest have seen a significant increase in the number of outsourced projects in the last few months.
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BPO firm Vertex plans to make India its global hub and is looking at acquisitions of domestic BPO companies. The company also plans to move 300 roles in HR and finance, among other functions, from its UK and North America operations to India. Employees on these roles would be re deployed in other functions in their home market. Vertex, which was acquired by an Oak Hill consortium last year, has laid off about 300 people in India this year. The BPO firm has suffered a series of setbacks, including the recent case of a key client, UKs online train ticket retailer Trainline, moving back work from India.
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HCL BPO, the business process outsourcing arm of HCL Technologies is pursuing a nonlinear growth strategy, which will protect the company from currency fluctuations. The company will move to an outcomebased pricing model form its present inputbased model. HCL BPO contributes about 12 percent to the parents revenues. It closed FY08 with USD225 million in revenues.
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As Lehman Brothers Holdings, a U.S based investment banking firm has decided to file for bankruptcy protection in the US., Indias third largest IT company Wipro and Copal Partners, a knowledge process outsourcing firm have expressed interest to acquire its back office business in India, reported Business Standard. Lehman currently owes over USD 600 billion to lenders.
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Even as the Wall Street is suffering a jolt over the collapse of leading investment bankers, there are unconfirmed reports that Satyam Computer Services Limited is seriously planning to buy the Indian back office of Lehman Brothers Holdings. The new report assumes great significance at the back drop of the reports that IT giant Wipro Technologies and Gurgaonbased knowledge process outsourcing firm Copal Partners have expressed interest in bidding for the USbased investment firm, which has already filed for bankruptcy protection causing finance jitters all over the world.
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MphasiS, an EDS company, announced an expansion of its India operations with a new center in Hyderabad. Located in Cyber Towers, Hi-tech City, the center will initially have 100 seats with a capacity to increase employee numbers. The center was inaugurated today, by Shri Damodar Reddy, Honarable Minister for Information Technology and Communications, Government of Andhra Pradesh and Jeya Kumar, CEO, MphasiS.
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The software and services trade body Nasscom along with A T Kearney released the findings of a first of its kind report on the assessment of 50 locations in India suitable for the IT BPO industry titled Location Roadmap For IT BPO Growth: Assessment Of 50 Leading Cities.Apart from secondary research, a key aspect of the study was significant primary interactions with companies, educational institutions, Government authorities, etc in each of the 50 locations. The analysis indicates that based on their stage of development for IT BPO, the locations can be categorized into 4 groups, viz. Leader, Challenger, Follower and Aspirants.
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In a first of its kind initiative, Essar group company Aegis BPO is foraying into the virtual retail domain. They inted to use its database and manpower to generate sales for other companies, many of whom are its existing clients.Aparup Sengupta, MD & CEO of Aegis BPO, said the company has completed a pilot run of the new business under its retail division, Aegis Direct, over the last 12 months. The company sold insurance policies, banking products, and highend white goods such as plasma TV and laptops in the pilot run, earning over Rs 2 crore per month, generating revenues of Rs 25 crore in the process.
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Eversheds has struck a deal to outsource lowend legal work to India. The firm has signed a contract with a thirdparty provider to outsource small commercial contracts that are too expensive to carry out in the UK or inhouse. The initiative, the result of a review led by commercial group head Jonathan Guest, will initially allow the firm to offer cheaper rates for lowend volume work such as commercial contracts. However, the scheme could be expanded to cover larger scale work such as due diligence.
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HCL Technologies recently announced the signing of an agreement to fully acquire Control Point Solutions. Privately held, Control Point Solutions CPS leads the TEM market with robust platforms catering to both enterprises and carriers across industry verticals. As part of the transaction, HCL will acquire four delivery centers in US with over 200 professionals who come to HCL with domain knowledge and technical expertise. Control Point Solutions is being acquired at an enterprise valuation of US USD20.8 million. This valuation is on cash free and debt free basis.
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Indias third party business process outsourcing (BPO) services exports in 200708 grew 21.4 per cent to Rs.264.23 billion, up from Rs.217.60 billion in the previous fiscal, according to a new study. In dollar terms, the growth was even more impressive at 36.6 per cent to USD6.6 billion, up from USD4.8 billion last fiscal, said the study. It ranked Genpact as the No. 1 export revenue earner with revenues of Rs.26.59 billion, up by 19.8 per cent from Rs.22.20 billion that the company earned last fiscal.
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MphasiS, an Indian outsourcing company in which Electronic Data Systems EDS owns a majority stake, is setting up a new software services and development facility in Hyderabad in south India.The facility will initially employ 100 staff but grow to 1,000 within a year, the company said.The facility in Hyderabad, which will focus on applications development and management services, will help MphasiS meet its target of increasing staff in India by between 7,000 to 9,000 during its fiscal year ending March 31, a spokeswoman for MphasiS said last week. The company currently has about 28,000 staff.
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Sitel, a leading global business process outsourcing BPO provider, today announced that it is opening a new customer care facility in Berlin, Germany. The site is scheduled to open on October 1, 2008 and is expected to bring up to 1,000 new jobs to the Berlin community over the next three years.
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Quadrem has signed a global business process outsourcing BPO agreement with SAP AG. With this agreement, the companies aim to help customers reduce the cost and complexity of implementing and operating integrated electronic sourcing, procurement, invoicing and contract management processes.
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The business process outsourcing BPO sector, executing assignments for firms located abroad, is now roping in nurses in a big way. The BPO is easily one of the biggest success stories of the emergent India is now spreading its wings. It has started providing end to end services to health insurance, pharma, medical devices and healthcare industries in the West.
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