News : Serco Expects Final Bids for Indian BPO Unit in Early April
London, UK, March 5, 2015 -- British government services group Serco expects binding offers for its Indian outsourcing unit in early April, with private equity firms the strongest contenders to lead a management buyout, three sources familiar with the matter said.
Serco, which runs an Indian business process outsourcing (BPO) firm and has over 60,00 employees, has given at least four buyout funds access to confidential material, one source said, adding due diligence will continue for three weeks.
U.S. fund Blackstone and Barclays are preparing a joint bid drawing on Blackstone's knowledge of the business and close ties to its management team in India, the sources said, pointing to Blackstone's investment in the same company, formerly called Intelenet, between 2007 and 2011.
Three other buyout funds -- Carlyle, Clayton, Dubilier & Rice (CD&R) and Apax [APAX.UL] -- are also lining up offers to gain a foothold in India's outsourcing industry, the sources said.
Serco, Barclays, Carlyle, Apax and CD&R declined to comment, while a Blackstone representative was not immediately available.
Posted by Veronica Silva Cusi, news correspondent
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Serco’s Business Process Outsourcing (BPO) capabilities offer middle and back office solutions to public and private sector organizations globally. With a presence in ten countries, 98 locations and a strong workforce of more than 50,000 employees it is among the top 20 global BPO players with onshore, offshore and near shore capabilities in the US, UK, Europe, Middle East, India, Mauritius, Philippines, Guatemala and Australia. With flexibility in designing solutions to suit client requirements, Serco’s BPO capabilities have helped clients to re-engineer processes across industry verticals such as Banking & Financial Services, Travel, Transportation & Hospitality, Healthcare, Logistics, Utility, Retail & Manufacturing, Telecom, IT & Online services, Media, Education and Entertainment. We provide transactional, process and voice support, finance and accounting services, and business transformation consulting, making us strongly placed to provide our customers with a broad range of end-to-end business services.
Published: Friday, March 6, 2015