ICICI OneSource, one of the leading business process outsourcing providers, has announced that it will acquire FirstRing, a Bangalore-based contact centre.
Under the terms of the agreement, ICICI OneSource will acquire FirstRing's India and the United States operations as well as the clients and workforce of FirstRing.
Both companies declined to reveal the value of the deal citing confidentiality clauses.
Started in May 1999, FirstRing has over 800 employees today and a 650-seat call centre located at the Information Technology Park Limited in Bangalore.
FirstRing services more than ten US-based clients and its investors include WestBridge Capital Partners, the Hero Group and Ravi Sethi, a Silicon Valley entrepreneur.
The company focuses on voice based services and has a strong presence in the financial services industry. Its services also include e-mail and data processing, comprising inbound and outbound telemarketing, online tech support and back office operations.
The acquisition consolidates I-OneSource's position as one of India's leading offshore outsourcing services providers.
Founded in December 2001, ICICI OneSource is one of the largest Indian BPO providers with 2,700 employees and 1,350 seats across three operational centres.
Post acquisition, ICICI OneSource will have over 3,500 employees and 2,000 seats across four delivery centres in Bangalore and Mumbai, with a fifth centre being built out in Mumbai, making it among the top few independent BPO players in India.
"The acquisition of FirstRing increases the scale of our operations and our value proposition to the market," says Ananda Mukerji, managing director and CEO, ICICI OneSource.
"It provides us with strong complementary capabilities, particularly in outbound services, and access to a very impressive client list," adds Mukerji.
According to Gartner Group estimates, the global BPO market is expected to reach $234 billion by 2005. About 30 percent of this business is expected to come from banking, insurance and financial services.
"Since our entry into the market, ICICI OneSource has witnessed strong growth and momentum. As we expand our operations, we would continue to look at acquisition opportunities, particularly where it would complement our existing capabilities and domain expertise," says Mukerji.
ICICI OneSource will integrate FirstRing's client list into its fold.
FirstRing clientele spans prestigious Fortune 50 and Fortune 100 clients in the US from various industries such as financial services, travel and hospitality and security services.
"We are pleased that ICICI OneSource saw value in the platform, telemarketing expertise and customer base that FirstRing has built. We believe that the brand, scale and balance sheet advantages that ICICI OneSource possesses will result in our clients having the benefit of a platform that can scale rapidly as well as enable them to source an enhanced offering from us," says K P Balaraj, chairman, FirstRing and managing director of WestBridge Capital Partners, the lead investor in the company.
WestBridge Capital would also be investing directly into ICICI OneSource and Balaraj will join the board of directors of I-OneSource.
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