| SPi, Citigroup Global, Infosys, TCS, FCG-UPHS, CSS, Goldman Sachs |
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| Friday, 20 April 2007 | |
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SPi acquires a US-based RCM company for $44 million SPi, ePLDT's BPO subsidiary acquired Springfield Service Corporation (SSC), one of the top ten players in the medical billing and revenue cycle management space for $44 million. SSC employs 383 people in its five centers located in the US. The company expects to generate $30 million revenues by March 2008. With this acquisition, SPi will add further capabilities to its healthcare segment. Citigroup Global Services plans aggressive expansion drive Citigroup Inc (NYSE:C) plans to transfer 9,500 jobs to low cost BPO destinations, of which 8,000 is expected to move to India while the remaining 1,500 jobs are likely to shift to the Philippines, Russia, Poland, Malaysia and Vietnam. Following this move, Citigroup Global Services (formerly eServe), the captive center of Citigroup with centers in Mumbai and Chennai is expected to go on an aggressive expansion drive. Infosys reports a 70% rise in its quarterly net profits Infosys Technologies (NasdaqGS:INFY) declared 70% growth in net profit over Q4 of FY2007. While the company expects a 30% rise in revenues for the year, revenues for the quarter increased by 46% to $863 million. TCS' quarterly profits rose by 47% Tata Consultancy Services (TCS) announced a 47% increase in its net profit fuelled by an influx of 12 outsourcing contracts valued at $50 million each during the financial year ended March 2007. The company reported revenues at $1.2 billion and net profit at $270 million for the quarter ended 31 March 2007. FCG-UPHS deal expires First Consulting Group's (FCG) six-year contract with the University of Pennsylvania Health System (UPHS) expired on 31 March 2007. As per the contract, FCG was providing IT services including application services and project management to UPHS. The UPHS deal contributed about 10% to the company's $264 million revenues for the year 2006. CSS received $25 million funding from Goldman Sachs Goldman Sachs has provided $25 million funding to Cybernet-SlashSupport (CSS), a provider of outsourced technology operations management services. CSS will utilize the funds towards investment in the infrastructure, HR activities and expansion of the company. Currently, the company has offices in the US, Europe and Asia and offshore delivery centers in Chennai and Coimbatore. Infosys increases its stake in the BPO arm to 98.92% Infosys Technologies (NasdaqGS:INFY) has increased its stake in Infosys BPO to 98.92% as on 31 March 2007. Infosys acquired 2,11,909 shares in the forth quarter of FY2007 in order to gain greater control over its BPO arm. Related Items: |
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ValueNotes’ research indicates that the domestic BPO industry stands at an inflection point, with the growing scale of Indian buyers as well as the emergence of significant vendors with greater capabilities