Software major Infosys Technologies on Thursday said it has reached an agreement with Citicorp International Finance Corporation to acquire the latter's stake in its BPO arm Progeon Ltd for $115.13 million (nearly Rs 518 crore) in cash.
"We are looking at setting up a near shore delivery centre in either in Europe or the US or both. We would also set up a centre in China to service global orders," Progeon managing director and CEO Akshaya Bhargava said.
Infosys Technologies has announced that it has kicked off a buyback plan for a certain section of employees who have shares of the erstwhile Progeon, now Infosys BPO.
Infosys Technologies Limited has acquired 87,50,000 equity shares, 23 per cent on a fully diluted basis, of its BPO subsidiary Progeon Limited from Citicorp International Finance Corporation for Rs 530 crore (Rs 5.3 billion).
Nineteen companies from India, including Progeon, Bharti Telesoft, AppLabs Technologies and Indiagames figure in the top 100 upcoming private technology companies in Asia identified by US magazine Red Herring, in its first comprehensive survey of the
Progeon has generated revenues of Rs 20.85 crore in the fourth quarter, a company release said on Thursday. It also added one client in the fourth quarter.
Infosys BPO (formerly Progeon) and media company TV18 have entered into a strategic alliance to launch Source18, a media process outsourcing company that will offer a range of services to media and entertainment companies globally.
Akshay Bhargava, former chief executive of Infosys's BPO arm Progeon, has joined 3i -- Europe's leading venture capital and private equity company -- and will head 3i's new focus on the global business process outsourcing market.
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