Serco Group PLC said it is buying a 60 percent stake in Indian domestic business process outsourcing (BPO) group InfoVision from its founders for £13.3 million in cash.
The acquisition will establish Serco in this market, enable further development of InfoVision's BPO business, and broaden Serco's existing customer offering. Through InfoVision, Serco will also launch its brand in India, both in BPO, and, as the market develops, as a provider of services to the public.
InfoVision is the third-largest BPO company serving the Indian domestic market, and the largest independent domestic BPO business, Serco said. The company provides customer services, database management and back office services.
It has more than 10,000 employees based at seven offices and ten client sites across India. Its major customers include GE, Talk Talk, HSBC, American Express and ABN Amro.
Serco has also agreed to acquire the remaining 40 percent of InfoVision in two tranches over the next two years, at a value determined by InfoVision's financial performance in that period.
Serco Chief executive Christopher Hyman said: "India is a substantial, fast-growing economy and our market entry promises excellent opportunities. The Indian domestic markets are growing very fast and over the longer term this acquisition positions us very well to provide broader services to the public."