OPI closes $20 million Trident-led funding

By siliconindia   |   Wednesday, 12 November 2003, 20:30 IST
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BANGALORE : Outsource Partners International (OPI), a provider of finance and accounting outsourcing services, has closed $20 million in funding led by Trident Capital. The terms of the financing call include a capital infusion of $8 million by Trident, conversion of up to $4 million of the company’s convertible notes, the majority of which are held by Trident, and an option for each of Trident and Winston, the company’s earlier investor, to each invest another $4 million within the next six months. OPI plans to use the funds to expand production capacity in India , to payoff indebtedness incurred in connection with its acquisition of the Business Process Outsourcing Division of KPMG in May 2002, and for general corporate purposes. OPI has over 600 associates operating through six offices in the US and its shared services centres in Bangalore and Dallas , Texas . Trident Capital is a leading venture fund with over $1.2 billion of capital under management. Todd Springer, managing director of Trident Capital told ET his firm had been investing in BPO companies in the US over the last decade. “ India is a key market as it has a large educated population and is known for providing quality service in this area,” he added