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I-OneSource buys out US company
BS Corporate Bureau in Mumbai | October 08, 2004 09:56 IST
ICICI OneSource has acquired a New York-based consumer debt collections agency Account Solutions Group for an undisclosed amount.
This is the third-party business process outsourcing vendor's fourth acquisition in the last four years with the most recent one, Pipal Research, being concluded last month.
The $ 25.14 million ASG specialises in third-party debt collections and its clients include three of the top 10 credit card issuers in the US, which has a $16 billion market third party debt collections market. ASG currently operates two centers in Buffalo, New York and has over 500 employees.
Ananda Mukerji, managing director and CEO, ICICI OneSource, said, " 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."
Tony Frisicaro, president and CEO, ASG said, "We have taken ASG to a juncture where it will benefit greatly from ICICI OneSource's financial strength and expertise. ICICI OneSource's client relationships with FTSE 100 and Fortune 500 companies will help us grow aggressively from this point on."
Frisicaro will now head the collections business for ICICI OneSource globally. There will be no change in the management structure of ASG and the acquisition is expected to create additional employment in the US, especially in western New York, said the company spokesperson in a official release.ASG was advised by Kaulkin Ginsberg, while ICICI OneSource was advised by Friedman, Billings, Ramsey & Co.