Financial Daily from THE HINDU group of publications
Tuesday, Feb 15, 2005
Financial Daily from THE HINDU group of publications Tuesday, Feb 15, 2005 |
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Info-Tech
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Mergers & Acquisitions MphasiS to buy Princeton Consulting Our Bureau
Mr Jerry Rao (left), Chairman and CEO, MphasiS, and Mr Ravi Ramu, Chief Financial Officer, at a press conference in Bangalore on Monday. - - Sampath Kumar G.P.
Bangalore , Feb. 14 THE MphasiS BFL Group is acquiring the London-based consulting firm Princeton Consulting for £7.73 million (about Rs 63 crore) in an all-cash deal. The acquisition brings a customer base of about 15 clients including British Telecom, Marks & Spencer, Visa International and Volvo to the MphasiS fold. "The acquisition will help us broaden our BPO and IT services offerings in Britain and Europe," said Mr Jerry Rao, MphasiS Chairman and CEO, at a press conference here today. Princeton, with an annual revenue run-rate of £ six million, specialises in business consulting, integration of customer relationship management packages and customer support among others. "The buy-out will be completed this week and revenues will be consolidated within this quarter," said Mr Ravi Ramu, Chief Financial Officer, MphasiS. The net value of the deal adjusted for the surplus cash of £3.23 million remaining in Princeton is about £4.5 million, Mr Ramu said. Princeton has about 100 people, including 33 in Bangalore. "We plan to absorb all the employees and there will not be any migration of jobs from UK to India. In fact, there will be incremental addition of jobs both in India and the UK," Mr Rao said. MphasiS derives close to 25 per cent of its BPO revenues and about 15 per cent of its IT revenues from Europe. Princeton CEO, Mr Afshin Rabbani will take over as the Vice-Chairman of Mphasis' European operations. Princeton is Mphasis' second acquisition in the current financial year after it bought the Bangalore-based Kshema Technologies in April 2003 in a $21 million deal.
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