24/7 to complete overseas acquisition within 6 months

Business process outsourcing (BPO) service provider 24/7 Customer is planning to increase its headcount from 2,600 employees to 6,000 by the end of 2004. The company is also hoping to complete an overseas acquisition over the next six months.

"Our expansion plans will be executed both through the organic and the inorganic route. We will set up new centres in the south and we also hope to complete an overseas acquisition over the next two quarters," said Shanmugam Nagarajan, chief operating officer of 24/7 Customer.

The company will recruit another 400 people by the end of the current fiscal, Shanmugam added.

24/7 Customer which has been a pure-play call centre so far, started offering non-voice support services and solutions this year. The company is offering its BPO services in the banking and finance, insurance, logistics and telecommunications verticals.

The BPO activities are being carried out of 24/7's Bangalore centre. It is also scouting for acquisitions to expand its presence in the overseas market. 24/7 will utilise the finance secured from Sequoia capital to fund its expansion and acquisition plans.

Last year Sequoia Capital picked up a 20 per cent stake in the company for $22 million. Sequoia Capital has invested in several IT and ITES companies like Cisco Systems, Apple Computer, Yahoo!.

24/7 plans to continue its focus on being a south-based service provider. In its future expansion plans, though, the company has identified Pune as a possible destination for new centres. It currently operates two call centers in Bangalore and one in Hyderabad.

24/7 Customer ended the previous fiscal with a turnover of $30 million and currently services 15 clients in the US and the UK.