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Mr Zubin Dubash, Group CFO of WNS Global Services (left), shaking hands with Mr Vivek Shivpuri, CEO of WNS Trinity Mortgage Services, as Mr Neeraj Bhargava, Group CEO of WNS Global Services, looks on at a press conference in the Capital on Wednesday. — Ramesh Sharma

New Delhi , Nov. 9

IN a bid to strengthen its position in the mortgage BPO market, WNS Global Services today announced the acquisition of Arizona-based Trinity Partners, a provider of BPO and IT business solutions to financial institutions, for an undisclosed amount.

With this acquisition, WNS would acquire Trinity's six clients, including a $60 million five-year outsourcing contract with wholesale lender, First Magnus Financial Corporation, as well as Trinity's 500 employees.

Following the acquisition, the new business would be known as WNS-Trinity Mortgage Services and would function as a key business unit of WNS Global. WNS-Trinity Mortgage Services would deliver multiple services across mortgage value chain, including lead qualification, loan set-up and processing, risk management, post closing, document indexing, quality control and customer service. It would also deliver solutions to the lender services sub-vertical, including title, escrow, credit, insurance appraisal and flood. WNS would initially serve the mortgage banking vertical with future expansion planned in the retail banking and asset management arena.

WNS would absorb all of Trinity's infrastructure, clients, and employees.

"Trinity employees — who are currently based in Gurgaon — will move to the newly opened WNS' Gurgaon facility within the next four months," said Mr Zubin Dubash, Chief Financial Officer, WNS Group, which was ranked the largest third-party BPO player in India in 2004-05 by software association Nasscom.

The new unit would be overseen by Mr Ramesh Shah, Chairman, WNS North America. The Trinity executive management team, including its CEO Mr Vivek Shivpuri; Mr Amit Gujral, Head of client services; Mr Francesco Paola, Head of sales and marketing; and Mr Arvind Srivastava, Managing Director India and CFO, would continue to hold strategic positions in the new entity.

The two companies declined to divulge the size of the acquisition but said that Trinity had a positive profit after tax.

Avendus Advisors was the financial advisor to the transaction.

Elaborating on the expansion plans of WNS, Mr Dubash said, "We hope to reach a headcount of over 10,000 employees by March 2006 from about 8,500 at present." WNS has acquired space in Gurgaon with a capacity to house 2,500 people.

Asked about WNS' plans for a public offering in future, Mr Dubash said, "The company is substantially owned by Warburg Pincus. Private investors look for an exit and that can happen in many forms. IPO is one of the forms", but did not elaborate.

WNS' takeover announcement comes a day after Tata Consultancy Services said it has acquired the Santiago-based BPO firm Comicrom for $23 million in an all-cash deal. TCS' acquisition is a step further in realising its strategy of acquiring leadership in platform-based BPO for the banking domain, the company had said.

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