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Call Center News
Pune-based BPO acquires 30 per cent stake in two firms -
Domain B
December 26, 2006 (Mumbai):
HOV Services, a Pune-based BPO, is acquiring a 30-per cent stake in TRAC
Holdings, LLC (Tracmail) and SAM Holdings, LLC, at a cost of $3.74
million.
"The new acquisitions are in line with our vision of continuing our
expansion into the financial services BPO space, building a secure
global footprint to meet and exceed expectations of our customers," said
Sunil Rajadhyaksha, executive director, HOV Services.
"We are on track with our growth plans and with the acquisition of SAM
and TRAC, we further derive benefits for our shareholders. We will
manage the business going forward and plan to go in for the remaining 70
per cent as and when we are ready."
The two companies combined are expected to deliver in excess of $17
million (over Rs75 crore) profitable revenues for FY 08.
Recently, US-based private equity fund manager, HandsOn Ventures, LLC,
acquired a 100-per cent stake in Tracmail and Superior Asset Management
(SAM) Inc through its acquisition fund, Rustic Canyon, LLC. HOV Services
will acquire its 30-per cent interest at cost from Rustic, paying a
total of $3.74 million.
HOVS has taken control and will manage the acquired companies; also HOVS
has an option to purchase the remaining 70 per cent that it does not
own.
Tracmail pioneered the 'accounts receivables management' vertical in
India since inception in 1999. Tracmail services some of the largest
companies in the world from its headquarters in Vashi. The current
employee strength will be further increased up to 1,100 employees under
HOVS to support growth of both companies.
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