Financial Daily from THE HINDU group of publications
Saturday, Oct 02, 2004
Financial Daily from THE HINDU group of publications Saturday, Oct 02, 2004 |
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Info-Tech
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Mergers & Acquisitions Hinduja TMT acquires US co Our Bureau
MUMBAI: Hinduja TMT is continuing its inorganic growth in the BPO area, with yet another acquisition of a US-based company. The company has announced its agreement with Georgeson Shareholder Communications Inc to acquire 100 per cent of Source One Communications Inc (SOC) of the US in an all-cash deal of approximately $8.5 million. This amount is being funded entirely through internal accruals, said the company's notice to the stock exchanges. SOC has operations in New Jersey (US), Toronto (Canada) and Manila (the Philippines) through a subsidiary called Source One Communications Asia (SOCA). SOCA is a joint venture company set up in 2001 between SOC (57.5 per cent ownership) and Customer Contact Center Inc (c3), Manila (42.5 per cent ownership). Hinduja TMT recently acquired controlling interest in c3 itself, for $3.9 million. The company c3 has independent revenues of $6.8 million.
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