HOV Services to acquire 30% stake in two companies
Pune-based BPO firm HOV Services today said it will acquire 30 per cent stake in TRAC Holdings, LLC (Tracmail) and SAM Holdings, LLC from US private equity firm Handson Ventures for $3.74 million.
As per the agreement, HOVS also has an option to purchase the remaining 70 per cent stake.
“We will manage the business going forward and plan to go in for the remaining 70 per cent as and when we are ready,” executive director of HOV Services Sunil Rajadhyaksha said.
Tracmail pioneered the Accounts Receivables Management vertical in India since inception in 1999.
Tracmail services some of the largest companies in the world from its headquarters in Navi Mumbai. The company employs 450 people.
Headquartered in Atlanta, US, SAM provides services to major banks and telecom companies. The two companies combined are expected to deliver in excess of $17 million profitable revenues in the coming fiscal, HOVS said.
“The acquisitions are in line with our expansion into the financial services BPO space, building a secure global footprint,” Rajadhyaksha said.
Recently, US-based private equity fund manager, Handson Ventures, LLC, acquired a 100 per cent stake in Tracmail and SAM Inc through its acquisition fund, Rustic Canyon.
HOVS had planned to augment its current employee strength of 850 by building capacity in the US and Pune for providing facilities for additional 1500 employees.
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