Firstsource Solutions (FSL), India’s one of the leading companies in BPO space, on Friday said its board has approved execution of a share purchase agreement for acquisition of a 100 per cent stake in Chennai-based Quintessence Business Solutions & Services (QBSS) for around ₹327.81 crore.

QBSS provides revenue cycle management services for healthcare service providers and its intermediaries in the US. In a stock exchange filing, the RP-Sanjiv Goenka Group company, Firstsource, said this acquisition would expand and strengthen its revenue cycle management capabilities targeting the US healthcare industry.

The company’s board of directors has approved execution of the share purchase agreement (SPA) with Anitha Balasubramanian, N S Ragunathan, T S Giridharan, R Nirmal Kumar (Sellers) of QBSS for the acquisition on a cash free and debt free basis.

QBSS has a wholly-owned subsidiary, QBSS LLC, in the US. Upon completion of the transaction, QBSS will become a wholly owned subsidiary of Firstsource Solutions, and QBSS LLC will become a step-down subsidiary of the company.

The Chennai-based firm registered an operating turnover of $14.8 million for the financial year 2023-24. Firstsource Solutions reported a 5.5 per cent year-on-year fall in its consolidated net profit to ₹133.50 crore for the fourth quarter last fiscal from ₹141.30 crore during the same period previous fiscal. The company’s revenue from operations for the quarter under review, however, rose to ₹1,669.29 crore from ₹1,556.63 crore in the year-ago period.

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