RP-Sanjiv Goenka group’s Firstsource Solutions Monday acquired UK-based customer experience outsourcing partner for retail and eCommerce businesses, Ascensos for a consideration of £42 million ($55.9 million).
The business process management (BPM) firm said in a filing with stock exchange that the acquisition will help the firm in strategic expansion into the retail vertical, strengthen nearshore, and multi-lingual capabilities.
The UK subsidiary of Firstsource – Firstsource Solutions UK Limited has executed a share purchase agreement with the Shareholders of Ascensos Limited, UK for acquisition of 100% ownership in Ascensos, added the firm in the filing.
Upon completion of the transaction, Ascensos will become a subsidiary of FSL UK and in turn a step- down subsidiary of the company.
Ascensos will operate as a separate business unit within Firstsource, keeping its existing brand and maintaining its Scottish headquarter while using the combined company’s technological capabilities and expert employees to serve the retail industry better.
John Devlin will remain as chief executive officer, guaranteeing continuity for Ascensos clients, added the firm.
Sanjiv Goenka, Chairman, RPSG Group and Firstsource, said, “This acquisition is aligned with the strategic capabilities Firstsource has been pursuing toward growth and expansion. We’re thrilled about the potential that Ascensos’s extensive retail knowledge, Firstsource’s advanced technology, and the RPSG Group’s deep expertise bring together. Retail and CPG BPO Market is a $28 billion market globally.”
He added, “Ascensos opens a host of new growth opportunities for us that are underpinned by our strategy of delivering differentiated services built on deep industry knowledge and tailored technology. This collaboration will benefit our current clients and enable us to pursue new opportunities in the thriving retail sector.”
John Devlin, CEO, Ascensos, said, “The depth of Ascensos expertise in the retail and eCommerce sectors, now combined with the strength of Firstsource technology and expansive global capabilities, will only accelerate our transformation programs for existing clients while improving our operational experience for our customer-facing colleagues. Both Ascensos and Firstsource have enviable reputations for delivering world-class customer experience for blue-chip brands – we look forward to growing our global solutions together.”
Source: Economic Times