Business Daily from THE HINDU group of publications
Thursday, Aug 27, 2009
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Business Daily from THE HINDU group of publications Thursday, Aug 27, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Info-Tech
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Outsourcing Corporate - Private Placement Web Extras - Outlook Integreon to raise $80-100 m via PE Adith Charlie Mumbai, Aug. 26 Knowledge process outsourcing (KPO) company Integreon plans to raise around $80-100 million from private equity investors to fund its inorganic growth ambitions. The company is targeting buyouts in the $10-50 million range, specifically in the areas of research KPO and legal process outsourcing. It will also bid for captive back-office units of foreign banks put on the block. Mr Lokendra Tomar, Chief Operating Officer, APAC (Asia-Pacific), said, “We have already started the process of identifying which PE firms we should be approaching. The idea is to be ready with the funds to capitalise on opportunities that would come our way.” Integreon will go in for a round of fresh equity to bring the PE player concerned on board. It will complete at least one acquisition deal by the end of the current year. Integreon focuses exclusively on legal and financial outsourcing. Apart from employing nearly 2,000 associates worldwide, it has delivery centres in the US, the UK, India and the Philippines. It is expected to end this fiscal with revenues of around $80 million. Infosys set the trend of acquiring captives two years ago when it bought out the back- office unit of Royal Philips Electronics in a $250-million deal. This was in return for seven years of assured business.
“Price was always the bone of contention when it came to acquisition deals involving captives. However, because of the recession, banks are in a tight spot and need the cash. While buyers can afford to wait, banks cannot,” said Mr Tomar. Incidentally, Integreon plans to establish a beachhead in China during the next 12-18 months. This will help service the needs of customers who want support in languages such as Mandarin, Kanzi or Cantonese, he said. The China foray could be either through the organic or inorganic route. Integreon to strengthen global presence More Stories on : Outsourcing | Private Placement | Outlook
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