ICICI Onesource buys US research firm

By SiliconIndia   |   Tuesday, 31 August 2004, 07:00 Hrs
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BANGALORE: Third party BPO service provider, ICICI Onesource has acquired Chicago based research and consulting firm, Pipal Research Corporation. The acquisition comes close on the heels of an undisclosed fund raised by ICICI Onesource with the help of Singapore based Temasek Holdings and Westbridge Capital.

Company officials have declined to comment on the acquisition and went on to inform that an official statement would be issued in a couple of days. As a privately held company, the fund amount raised and dilution of equity was not divulged, however inorganic expansion, new geographies, accumulating new skills and expertise for offering new services were some of the areas the funds are to be utilized.

The acquisition of Pipal Research paves way for ICICI Onesource for research and consulting in the US market. Software giant, Infosys Technologies is the other Indian company, which has debuted in the US shores eyeing the consulting market.

Historically, ICICI Onesource is famous for its inoraganic growth. It entered the burgeoning BPO business by acquiring CustomerAsset and went on to buy First Ring as part of its expansion plans. It ended the financial year 2003-2004 with revenues of US $42 million recording 134 percent year-on-year revenue growth making it one of the fastest growing BPO companies in India.

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