Processing .....please wait.. 
The article has been forwarded.... 
IBM looking to swallow Daksh
By siliconindia
|
Friday, 02 April 2004, 20:30 IST
MUMBAI: Big Blue may well be eyeing a small fish in this part of the world. Global IT powerhouse IBM is believed to be in talks to acquire Daksh e-Services, an independent or third-party business process outsourcing (BPO) company headquartered in Gurgaon, reports Economic Times.
Sources said that negotiations are at an advanced stage and IBM is likley to buy out a large number of shareholders in Daksh, an unlisted company which has been planning an $100-150 mn IPO.
Three private equity investors - General Atlantic Partners, CDC (now called Actis) and Citigroup - holds two-third of the equity capital in Daksh, while the balance is with chief executive Sanjeev Agarwal and founder promoters and members of the senior management.
However, when contacted by ET, Mr Agarwal denied any such development. Later in a written response to queries by ET, Mr Agarwal said "We would not like to comment on market speculation."
However, banking sources familiar with the development said that talks are underway. Third-party providers of BPO services are different from captive BPO units--- such as GE--- which supply services to their parent company.
If the deal materialises , it would be IBM's first acquisition in India. Till now IBM's India strategy has been purely organic.
