| Genpact, ICICI Ventures, UTI, Citigroup, Evalueserve |
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Genpact signs multi-year BPO contract with Ceridian Corporation Genpact has signed a multi-year BPO contract with Ceridian Corporation. It will offer services like finance and accounting, transactional business support activities, and IT outsourcing. The firms will operate under the virtual captive model with initial units in Juarez, Mexico, and Jaipur, Kolkata in India. Terms of the contract were not divulged. ICICI Venture acquires 40% stake in Updater Services ICICI Venture has acquired Vernon Bharat's 40% stake in Updater Services (UDS) for around $25 m. UDS offers facility management services. It earned $19 m in revenues in 2006-07 and expects revenues of $30 m in 2007-08. UTI to set up Insurance BPO UTI Technology Services (UTITSL) is starting an insurance BPO. UTITSL will provide support services so that insurance firms can focus on core operation like customer acquisition and underwriting. Its technology and processes will offer peak load transaction processing of high-volume and low-value transactions. Citigroup puts sale of CGSL on hold; to reassess operations globally Citigroup has withheld sale of CGSL. It was close to selling Citigroup Global Services (CGSL) to Genpact but could not reach consensus on pricing and other issues. The company intends to reconsider its operations globally and cut expenses. It is likely to layoff employees across all units. Evalueserve to expand operations Evalueserve plans to expand operations. It envisages setting a delivery centre in Romania, Europe by May 2008 and recruit 50 employees for the unit. The company intends to increase headcount from the current 2200 to more than 3500 by 2008 end. Related Items:
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In a scenario of increasing competition, dollar depreciation and maturity in existing markets, publishing BPOs are facing escalating margin pressures. This research note assesses the strategic imperatives for service providers in light of these challenges.