Financial Daily from THE HINDU group of publications
Friday, Oct 08, 2004
Financial Daily from THE HINDU group of publications Friday, Oct 08, 2004 |
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Info-Tech
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Mergers & Acquisitions ICICI OneSource acquires US firm Our Bureau
Mumbai , Oct. 7 ICICI OneSource, the BPO unit of ICICI Bank, today announced its acquisition - for an undisclosed amount - of New York-based Account Solutions Group, which would open a $16-billion (Rs 73,376-crore) opportunity for ICICI Bank in the US alone in the consumer collections space. Account Solutions Group (ASG), ICICI OneSource's fourth acquisition in three years, specialises in third party debt collections, and has clients that include three of the top 10 credit card issuers in the US, according to a statement from ICICI OneSource. ASG currently operates two centres in Buffalo and New York and has over 500 employees. Its revenues as of end-December 2003 amounted to $25 million. The acquisition will add late-stage collections capability to ICICI OneSource's service offering. "The acquisition is in line with our strategy to aggressively expand our service offering," said Mr Ananda Mukerji, Managing Director & CEO, ICICI OneSource. "We have identified collections as a high-growth area and this acquisition gives us a platform from which to offer the most complete collections solution to our clients. We can now offer a full suite of collections capabilities: customer acquisition, billing, customer service and collections." ASG will benefit greatly from ICICI OneSource's financial strength and expertise, and its client relationships with FTSE 100 and Fortune 500 companies will help it grow aggressively from this point on, said Mr Tony Frisicaro, President & CEO, ASG. He has also been appointed by ICICI OneSource to head the collections business for the company globally. There would be no change in the management structure of ASG, whose 500 employees would be retained. ICICI OneSource said that the acquisition is expected to create additional employment opportunities in the US, especially in Western New York. The company has 4,000 employee seats across five offshore delivery centres in Bangalore and Mumbai and in market teams in the US and UK. Advisors to the deal were Kaulkin Ginsberg Company for ASG and Friedman, Billings, Ramsey & Co for ICICI OneSource.
More Stories on : Mergers & Acquisitions | Outsourcing
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