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Scandent to buy US firm for $100 million
By siliconindia
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Monday, 27 September 2004, 19:30 IST
MUMBAI: The Singapore-based Scandent group , founded by ex-McKinsey boss Rajat Gupta and Ramesh Vangal, former head honcho at Seagram India, is in talks to buy a majority stake in a US company, in a deal that could establish its presence in the global BPO industry in a dramatic way, sources said.
Scandent, which now has a fledgling BPO outfit called ProcessMind, is expected to pay over $100m for a majority stake in Cambridge Integrated Services, a subsidiary of the NYSE-listed Aon Corporation.
Aon specialises in insurance brokerage and provides risk-management and human resources consulting. Cambridge, wholly-owned by Aon, carries out claims processing for Aon and a number of US companies.
The deal is likely to be one of the largest-ever in the BPO sector by a company with strong Indian links and follows Scandents acquisitions of Chennai-based SSIs IT services business last year.
Satyen Patel, Scandents vice chairman and head of mergers & acquisitions did not wish to comment.
The Chicago, Illinois-based Aon, on August 4 this year, had announced that it had reached an in-principle agreement to sell a majority stake in Cambridge. It did not reveal the buyer.
Apart from Scandent, one more bidder is in the race, industry sources said, but added that the Singapore-based companys talks with Aon have reached a fairly advanced stage. A deal is likely within the next fortnight, they added.
The deal is being structured to allow Aon to continue holding a small stake in the company and assuring business after the acquisition.