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Our Bureau

Bangalore June 21

TECHNOLOGY holding company e4e Inc announced on Monday that it has acquired a controlling stake in business process outsourcing (BPO) firm iSeva Inc.

e4e had invested $8 million in iSeva in the first round funding in 2000. The details of e4e's holdings in iSeva were not known.

"Acquiring controlling stake in iSeva was part of our plans to provide value added business service on tap. We have set aside adequate capital to support the growth plans of the company," said Mr Somshankar Das, Chairman of iSeva Inc and the CEO and President of e4e Inc.

As part of the increased ownership, e4e Inc has reorganised the board and management structure of iSeva Inc.

Mr Vaibhav Tewari, Managing Director if iSeva's India operations, has been appointed as the new President of iSeva Inc.

Mr Sridhar Mitta, Managing Director of e4e India and Mr Murali Rangarajan, COO of e4e Group, along with Mr Tewari have been appointed to the iSeva board.

"With enhanced capital availability from e4e Inc, we will accelerate our efforts and increase our presence in the global BPO marketplace," said Mr Vaibhav Tewari, President, iSeva.

The company plans to increase its headcount in Bangalore to between 1200-1400 by the year-end, he added.

iSeva is also looking at setting up a 500-seat centre either in the Southern or Western parts of the country.

"We are yet to decide on the location," Mr Tewari said adding that the new centre will be operational by the year-end.

iSeva, early this year, called off a merger deal with ECE Holdings, an HIG Capital company as HIG Capital could not reach an agreement with iSeva shareholders over the terms of the agreement.

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