BPO firm EXLService Holdings on Wednesday said it is on the lookout for acquisitions for up to $50 million to expand its expertise in verticals like banking, financial services and insurance, besides the analytics space.

“We are always on the lookout for acquisitions. We are in dialogue with 6-8 companies in the size of about $ 25-50 million,” said Mr Rohit Kapoor, President and CEO, EXL.

“We would look at companies which help us expand our expertise in areas like banking, financial services and insurance, as well as those which have capabilities in the space of analytics,” Mr Kapoor added.

EXL, which competes with bigger rivals like Genpact and WNS Global Services, has been growing its business through the acquisition route. Earlier this year, it acquired finance and accounting (F&A) outsourcing service provider Outsource Partners International (OPI) for $91 million. On the back of its recent acquisition, EXL had also revised its outlook for the year.

“Based on our strong year-to-date results and additional confidence in the performance of our recent acquisition, the revenues are now expected to be between $354-358 million, representing annual growth of 40-42 per cent,” Mr Kapoor said.

The Nasdaq-listed firm has reported a 73.46 per cent jump in net income to $8.5 million for the quarter ended June 30, 2011, while its revenues increased by over 40 per cent to $85 million.

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