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Hinduja TMT buys Source One for $8.5 mn
By siliconindia staff writer
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Friday, 01 October 2004, 19:30 IST
MUMBAI: Hinduja TMT has signed an agreement with Georgeson shareholder Communications, Inc to acquire 100% of Source One Communications Inc USA (SOC) in an all cash deal of approximately $ 8.5 million funded entirely through internal accruals.
SOC has operations in New jersey (USA), Toronto (Canada) and Manila (Philippines) through a subsidiary called Source One Communications Asia (SOCA).
SOCA is a joint venture Company set up in 2001 between SOC (57.5% ownership) and Customer Contact Center Inc (c3), Manila (42.5% ownership). It will be recalled that HTMT recently acquired controlling interest in c3, which has independent revenue of $6.8 million and for which HTMT paid $3.9 million.
With the acquisition of SOC and its current shareholding in SOCA, HTMT has consolidated its ownership of SOCA.