Financial Daily from THE HINDU group of publications
Tuesday, Dec 13, 2005
Financial Daily from THE HINDU group of publications Tuesday, Dec 13, 2005 |
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Info-Tech
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Mergers & Acquisitions Allsec buys B2K Our Bureaus
Chennai/Bangalore , Dec 12 ALLSEC Technologies, the Chennai-based provider contact centre and business process outsourcing services, has acquired B2K Corp Pvt Ltd, the Bangalore-based contact centre for $3 million-4 million (Rs 13 crore-18 crore) in cash, according to an Allsec official. B2K with revenue of $2.5 milion-$3 million has 600 seats and 170 employees. It plans to ramp up to 500 employees before March 2006 and revenue could also triple by then, said Mr Jagadish Ramamoorthi, Co-founder, Allsec. Allsec has bought out the existing investors of B2K that included UTI Ventures, Dhanalakshmi Bank and the promoters. Mr Vivek Kulkarni, CEO of B2K and former IT Secretary, Karnataka, is exiting his role and would pursue the knowledge process outsourcing (KPO) business of B2K that included Brickworks, the analytics division and the healthcare division. Ms Lathika Pai, founder and COO, B2K, will continue to run the operations for Allsec and head the company's technical support division. Ms Pai said the merger with Allsec would enable the company to pursue big deals in the technology support space, which B2K couldn't do earlier because of the lack of scale and financial backing. According to Mr Ramamoorthi, the acquisition would provide Allsec a foothold in the technical support service, which is a specialisation for B2K, disaster recovery facility and additional seat capacity. Allsec Technologies shares on the BSE closed higher on Monday by 4.48 per cent at Rs 255.10 over the previous close of Rs 244.15.
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