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Haryana-based Altruist Group has acquired Chennai-headquartered IT company Secova for an undisclosed sum, to take advantage of the latter’s products and customer service offerings. This is Altruist’s third major acquisition in the last three years.
“Post-deal, the management members of Secova, with the exception of its two promoters, will continue to be in the company,” Anuj Aggarwal CMD, Altruist Group, told BusinessLine. Altruist’s revenue is around ₹500 crore, while Secova’s stands at nearly ₹60 crore, he added.
As a mobile value-added services company, the Altruist group provides solutions in over 50 countries to more than 100 telecom operators and companies across Asia, Africa, Europe and the Middle-East. Its group firms are Teligent Telecom, Vertex, iconnectica, Info2cell, SoftProdigy, TMP Direct, Bubble Motion, Mobile2win and Milagro.
Group strategy
Altruist had previously acquired US-based TMP Direct, a BPO and logistics fulfilment company, and Newbase Content, a media firm with presence in Singapore, Malaysia and Thailand, said Aggarwal.
“Acquisitions helped the group in getting good products, venture in to new markets, and have brought in talent and improved the group’s balance sheet. In today’s dynamic world, the average life of any product is 5-10 years, and it is difficult to keep innovating and delivering new and successful products. Hence, acquisition is Altruist’s key strategy,” he said.
Secova provides the entire scope of solutions to support modern employee benefits administration, from online benefits enrolment and decision support to full-service call centre solutions, data management, leave management and eligibility audits.
“We are in the B2B2C business, and provide services to telecom operators, which are in turn distributed to their subscribers. With Secova, we will provide a platform to insurance companies to allow their clients manage their employee cover benefits,” said Aggarwal. Post acquisition, the combined group will have an employee strength of around 6,000, he said.
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