Services and consulting firm Serco has signed an agreement to acquire Indian BPO firm Intelenet for £385m.
As per the purchase agreement, the total acquisition cost, including assumption of existing debt includes contingent cash payments of approximately £50m through to December 2013.
Serco chief executive Chris Hyman said the acquisition of Intelenet supports their ambitions as a global service company.
"The international BPO market is growing as companies seek out new ways to improve their service and reduce costs," Hyman said.
Intelenet global services chief executive Susir Kumar said becoming part of Serco will propel them to their next phase of growth by helping them to address a wider market and to provide more end-to-end offerings.
Intelenet was founded in 2001 as a joint venture between TCS (Tata Consultancy Services) and HDFC (Housing Development Finance Corporation).
A management buy-out was completed six years later, and in 2007, the business was majority owned by Blackstone Group, together with Barclays, HDFC and Intelenet”s management team.
