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Hero ITeS takes a call on overseas buyouts
(Ecomonic Times, The (India) (KRT) Via Thomson Dialog NewsEdge) Feb. 6--GURGAON -- Hero ITeS, the BPO subsidiary of the Hero group, is eyeing a few acquisitions in the U.S. and the U.K. markets. The company plans to buy a couple of topline BPOs with finance & accounting specialisations in these countries by the end of this calendar year.
Rohit Chanana, business head of Hero ITeS, told ET, "These acquisitions have been in the pipeline for quite sometime now and is mandatory for increasing our business volumes as well as nearshore operations."
Though the company is yet to make any concrete headway on the acquisition front, it is in advanced talks with some companies in the U.S., U.K. and Australia for working out partnership deals.
These deals will mainly stretch across operations in finance & accounting (F&A), collections and help desk processes. They will also give Hero ITeS an access to the partnering company's clientele.
Incidentally, as per the agreement with the Australian company, Hero ITeS will also set up an onshore facility in the Australian market.
The company is also in talks with private equity investors for its expansion plans. "We intend setting up more delivery centres and also plan to expand geographically and to different verticals as well," said Mr Chanana.
The company was a loss-making entity in the first few years of its operations in India.
However, the Hero subsidiary turned profitable after entering a joint venture with American customer services company LiveBridge two years ago.
The Hero company is also learnt to have substantially increased its client base in the US, particularly in the finance as well as telecommunications sectors, after LiveBridge was sold off to Affiliated Computer Services (ACS), an American IT major, during June-July last year.
Presently, Hero ITeS' clientele spreads mainly across the US, European and Australian markets, and includes a leading global credit card firm, a Fortune 100 financial institution as well as a leading telephony and Internet service provider in the UK.
The company targets a growth rate of 50 percent-60 percent over the next five years and also aims at increasing its head count by over eight times.
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