Hyderabad: Brigade Corporation, a business
process outsourcing company, has announced the
acquisition of Webhelp Global Services, a TWS
Holdings, in an all-cash deal effective December
1.
The company did not disclose the value
of the buyout, which was managed through Avendus
Advisors.
The Chairman and Chief Executive
Officer of Brigade, Sri Dasari, today said: "this
acquisition is part of the company's effort to
grow both organically and inorganically. The
Hyderabad facility of Webhelp has been
custom-built for tech support and customer service
and is a perfect fit for us. This deal will help
acquire Webhelp's client contracts."
Addressing a news conference, Dasari said: "the
company plans to add about 500 people in the next
quarter to the existing 1,400. Given the current
trends, we expect to add about 400 people quarter
after quarter."
"We expect to close this
fiscal with revenues of $17 million and project
$30 million next year. We are considering listing
options that could be in India or overseas,"
Dasari explained.
"We are retaining all
the employees of WGS including senior and middle
management teams and all the five client contracts
of WGS will stay," Dasari said.
TWS
Holdings earlier in the day announced it had
divested Hyderabad facility to Brigade
Corporation, which is aimed at consolidating its
India operations in the Greater Mumbai area.
A spokesperson from TWS, which owns Webhelp,
said: "the company business was vertical driven
and the Hyderabad facility was a tech support
centre. Since we concentrate on collection and
retail that is basically voice based, it builds on
the company proprietary platform, we decided to
concentrate in Mumbai."
The Chief
Executive Officer of TWS Holdings, Rakesh Kaul, in
a statement said: "this divestment is a part of
our strategic growth plan to enhance our
voice-centric capabilities."
It may be
recalled that TWS Holdings was formed through the
merger of 3 BPO firms, Tracmail, WebHelp and
Spherenomics late in calendar 2003. Earlier this
year, the company had said that it would end the
current fiscal with revenues of about $ 25
million.
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