New York-based OfficeTiger told ComputerWire in May that it was looking at making an acquisition of a $20m to $30m company in finance and accounts outsourcing in the US or UK market. According to Joe Sigelmen, co-CEO of the company, $25m of Francisco Partners’ investment is a direct cash injection to be used for acquisitions, but he was less clear about the size, location, or timing of a potential acquisition.
There are a couple of companies that we thought would be attractive. But I think over the next few quarters we will have a bit more clarity, Sigelman told ComputerWire this week, adding that OfficeTiger has yet to decide whether to buy one large company or three or four smaller ones.
OfficeTiger was set up in 1999 by Sigelman and co-founder Randy Altschuler, and employs some 1,600 people mainly based in two centers in Chennai, India. The company is one of the few that focuses on outsourced secretarial services, as well as research and data analysis, pre-publishing services such as layout and design, and F&A work in accounts receivable and fund accounting.
Earlier this month the company formed an Indian joint venture with US-based legal management consulting services firm Hildebrandt to market offshore services to the US legal sector.
