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Mergers & Acquisitions | 28 October 2013

HOV Services To Sell BPO Firm, SourceHOV

by Tilak Devadiga
HOV Services To Sell BPO Firm, SourceHOV
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After the buyout of Hexaware by Baring, outsourcing industry is set to witness another billion dollar acquisition, with HOV Services putting its BPO company SourceHOV on the block and expecting a valuation of $1.2 Bn, TOI states.

Buyout private equity firms, large sovereign wealth funds and big Indian outsourcing companies have shown early interest in the SourceHOV deal.
In March 2013, Citi Venture Capital International had invested in SourceHOV buying out the interest ownership of affiliates of Apollo Global Management, LLC and certain minority holders’ in SourceHOV.

As per the stock exchange, there are no discussions that have reached the definitive stage.

SourceHOV was formed post the the merger of HOVS’s indirect subsidiary HOV Services LLC with SOURCECORP Inc., a portfolio company of Apollo Management V, L.P.

Parvinder Chadha led HOV Services owns a 27.2% stake in the BPO firm while CVCI owns 65% with operational and financial control.
SourceHOV is a BSE listed BPO and KPO firm providing healthcare, finance and accounting, e-content management, document lifecycle, presentment, HR Assist and strategic consulting services across key verticals such as BFSI, Healthcare, Government, Publishing, Retail, Commercial and Industrial Manufacturing industries.

The company’s global workforce is more than 13000 employees operating from over 80 delivery centers in 6 countries including the U.S., Mexico, Canada, India, China and the Philippines.

The company reported $525 million revenue and about $150 million operating profit last fiscal.

Recently in this space; Parallax Capital Partners, LLC had bought Chennai-based Polaris Financial Technology Ltd's US arm IdenTrust, Inc for an undisclosed amount; Zensar Technologies, an outsourcing service firm, was planning to acquire two companies in the US to strengthen its presence in the largest export market; British Telecom had sold its remaining 9.1% stake in Tech Mahindra for around $183 Mn by offloading more than 11.6 Mn shares through block deals.

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