Aegis acquires Sri Lankan outsourcing firm

Essar group company Aegis BPO today said it has acquired 80 per cent stake in Sri Lankan outsourcing company Ismart Timex for an undisclosed amount.

Aegis, through its holding company Essar Services Holdings, has acquired 80 per cent shares of Ismart Timex. The balance 20 per cent continues to be with its parent Timex Garments, Aegis said in a statement.

"Ismart Timex is one of the largest BPO service provider in Sri Lanka and we expect it to grow exponentially to more than double in voice and back office in the next one year. Aegis will now offer services from 35 delivery centres across the world," Aegis MD and CEO Aparup Sengupta said.

The acquisition, which would give management control to Aegis, would add 500 seats to the Essar company's portfolio, the company spokesperson said.

This is the 14th acquisition for Aegis, after the company completed the take over of Australian BPO firm UCMS Group for AUD 54 million in August.

Ismart Timex provides back office and contact centre requirements in Sri Lanka with services in areas, including human resource profiling, training and quality assurance among others.