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News >> Technology >>
Gecis to acquire U.S.-based Creditek
By agencies
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Friday, 15 July 2005, 19:30 IST
NEW DELHI: Gecis (formerly GE Capital International Services) will acquire the New Jersey-based Creditek Corporation, which has strength in order-to-cash cycle and enterprise receivables management.
Pramod Bhasin, President and CEO, Gecis Global, said "Creditek's product expertise and attractive client base offers numerous cross sell opportunities for us. We are very impressed with the strong management team and believe that Gecis and Creditek can work together to better penetrate the U.S. market as well as bolster the order-to-cash side of our service offerings. In addition, this expands our on-shore presence in the U.S. and will help us better serve our customer.
Bhasin declined to disclose the value of the deal, but he referred that it would be met from Gecis internal cash flow.
With sales of $20.4 million in 2004 and about 300 associates in Wilkes Barre, PA, Nashville, TN and Parsippany, NJ Creditek would operate as an independent subsidiary of Gecis. Portico Capital Securities of Greenwich advised Creditek on the transaction which is expected to close within 30 days.
Creditek is in revenues cycle management, order-to-cash and business process outsourcing (BPO) solutions for major corporations and healthcare companies.
Commenting on the deal, the Creditek CEO, Regina Paolillo, said, "We could not have asked for a better partnership for our clients and associates. Gecis immediately expands its portfolio of BPO services with Creditek's specialized revenue-cycle platforms, adds to its U.S.-based management talent, and extends its global delivery footprint with US-based operations.
"Creditek significantly enhances its financial and operational wherewithal with Gecis' brand, channel, global-delivery capability and rich process experience."