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Rediff.com  » Business » GTCR buys majority pie in Zenta

GTCR buys majority pie in Zenta

May 16, 2005 15:27 IST

GTCR Golder Rauner LLC (GTCR), a US-based private equity company, has acquired majority stake in Zenta, a business process outsourcing firm with operations in the city and committed $100 million for the deal.

Zenta has entered into an equity partnership with GTCR, the BPO company said in a release on Monday.

Under the terms of the transaction, H-Cube LLC, a GTCR affiliate through which GTCR has committed up to $100 million of equity capital, has acquired a majority interest in Zenta, it said. But it did not clarify as to how much stake the private equity firm would hold in the company.

Priya Hiranandani, the founder of Zenta, would continue to serve as chief executive officer and Henry Hortenstine, former executive vice president at Affiliated Computers Services Inc, would become executive chairman.

Zenta delivers end-to-end back office solutions to the financial services industry, including credit card servicing, mortgage servicing, accounts receivable management and insurance claims processing, it added.

Zenta, headquartered in Wayne, Pennsylvania, has 2,600 employees, most of whom are located at its primary operations centre in Mumbai.

Wachovia Securities acted as advisors to the transaction.

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