Exlservice joins hands with Oak Hill, FT Ventures
By siliconindia   |   Wednesday, 20 November 2002, 20:30 IST
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NEW DELHI: Exlservice Inc., a business process outsourcing (BPO) service provider, announced Wednesday that management has joined with Oak Hill Capital Partners, L.P. (OHCP) and Financial Technology Ventures (FTVentures) to acquire 100% ownership of Exlservice Inc. from Conseco, Inc. The current management group will remain in place, and continue to hold a significant ownership interest in the company. Vikram Talwar will serve as vice-chairman of the Board and chief executive officer, with Rohit Kapoor as president and chief financial officer. "This transaction transforms our company," stated Talwar. "We are excited to partner with two leading financial sponsors with a long-term commitment to our business and strong ties to the major financial services companies that are our target customers. Through our partnership with Oak Hill and FTVentures, we will continue to attract and retain the best people and to provide the highest quality service to our clients." Commenting on the transaction, Kapoor added: With a built-out capacity of 1,500 seats/shift, significant cash reserves and strong financial sponsorship from our new investors, Exlservice is well positioned to acquire new business and grow operations." "Exlservice is a leading India-enabled business process outsourcing provider with distinct process-improvement capability, and an exceptional management team," said Brad Bernstein, Partner of Oak Hill Capital Partners. "We are excited to partner with a leader and participate in the dramatic growth of the industry." James C. Hale, senior managing member of FTVentures said, "Exlservice has developed deep domain expertise in financial services and distinctive capabilities handling complex voice and back-office business processes. We are pleased to join in helping the company grow its business." Oak Hill Capital Partners, L.P. is a $1.6 billion private equity partnership founded by Robert M. Bass and his team of investment professionals. FTVentures was the first venture capital firm in the U.S. to focus on technologies that benefit the global financial services industry. FTVentures now has more than $623 million in total capital under management and is a leading investor in information technologies.

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