The Serco Group, a UK-based services company, has announced that it is entering the fast-growing domestic Indian business process outsourcing market through the acquisition of a majority shareholding in the InfoVision Group.
Serco said that the acquisition is expected to establish the company in this market, enable further development of InfoVision’s business process outsourcing (BPO) business, and broaden Serco’s existing customer offering. Through InfoVision, Serco is also expected to launch its brand in India, both in the BPO sector, and, as the market develops, as a provider of services to the public.
Serco has acquired a 60% shareholding in InfoVision from its founders, Aditya and Malina Gupta, for GBP13.3m in cash, valuing the company, including its outstanding net debt of around GBP5.1m, at approximately GBP27.2m.
Christopher Hyman, CEO of Serco, said: India is a substantial, fast-growing economy and our market entry promises excellent opportunities. InfoVision is a leading company in the Indian BPO market and we share a similar, strong culture based on assured delivery, building long-term customer relationships and organic growth. The Indian domestic markets are growing very fast and over the longer term this acquisition positions us very well to provide broader services to the public.