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Daksh's Agarwal to get Rs 750 cr
By siliconindia
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Thursday, 08 April 2004, 19:30 IST
MUMBAI: The US-based technology behemoth, the $89-billion IBM , has signed an agreement to buy out all the existing founders as well as all the private equity investors in Indias second largest business process outsourcing (BPO) services firm, Daksh e-Services . Consequently, Daksh will become a 100 per cent subsidiary of IBM, reports Economic Times.
The exact size of the deal is not available, but estimates ranged from Rs 560 crore ($130 million) to Rs 750 crore ($170 million). This is the largest deal so far in the Indian BPO industry, exceeding the $99-million pact (Rs 465 crore) through which software services company Wipro acquired Spectramind, the countrys largest BPO firm.
IBM signed the agreement with Daksh late on Tuesday night, and the final valuation of the firm is currently under way.
The valuation will be dictated by the current revenues, profits and customer base of the company. Daksh claims that it has been profitable for some time.