Indian professional services provider Intelenet Global Services is up for sale, with global BPO giants Teleperformance and Convergys ranking among the major bidders.
The Mumbai-based BPO provider came on the block after US equity investor Blackstone decided to exit its stake in the company two months ago.
Private equity major Bain Capital, which owns a majority share in Genpact, has also placed its bid, according to India’s business daily, The Economic Times, citing unnamed sources.
Blackstone, it seems, has long been trading in Intelenet shares. The equity firm first acquired Intelenet for US$260 million in 2007 and then sold it to British provider Serco for US$634 million in 2011. Two years later, it took Intelenet back for around US$300 million.
With more than 75% stake, Blackstone is hoping to make a huge profit from the sale.
For now, Intelent is making around US$420 million in annual revenue, but its top executives are aggressively pursuing the goal of crossing US$1 billion by 2020.
Founded in 2001, Intelenet provides customer management, outbound sales and analytics services, with most of its clients belonging to banking, financial services, healthcare, travel, and telecom sectors.
It runs delivery centers in Guatemala and the United States, in addition to the Philippines, Europe and the Middle East. Thanks largely to its acquisition of Serco’s Indian operations, a large majority of Intelenet employees are based out of India.
For Teleperformance and Convergys, the acquisition widens their global footprint besides adding new clients and offerings.