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ICICI OneSource acquires FirstRing
By siliconindia
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Thursday, 31 July 2003, 19:30 IST
BANGALORE: ICICI OneSource (I-OneSource), one of India's leading business process outsourcing (BPO) providers, on Thursday announced it has entered into an agreement to acquire FirstRing, a Bangalore-based contact centre.
Details of the transaction were not disclosed.
FirstRing, established in May 1999, as one of the earliest entrants into the third party BPO space in India, has over 800 employees and a 650-seat facility located at Information Technology Park Limited here, an I-OneSource release said.
FirstRing services more than ten US-based clients and its investors include WestBridge Capital Partners, the Hero Group and Ravi Sethi, a Silicon Vally entrepreneur. The company focuses on voice-based services and has a strong presence in the financial services industry, the release said.
ICICI OneSource, founded in December 2001, is one of the largest and fastest growing Indian BPO providers, with 2,700 employees and 1,350 seats across three operational centres.
Post acquisition, ICICI OneSource will have over 3,500 employees and 2,000 seats across four delivery centres in Bangalore and Mumbai, with a fifth centre being built out in Mumbai, making it among the top few independent BPO players in India.
Under the terms of the agreement, ICICI OneSource will acquire FirstRing's India and US operations as well as the clients and workforce of FirstRing.
WestBridge Capital would also be investing directly into ICICI OneSource and K P Balaraj, Chairman of FirstRing and Managing Director of WestBridge Capital Partners, will join the board of directors of I-OneSource.