Essar buys Global Vantedge for $23 mn

Essar Global has acquired Global Vantedge, a BPO company owned by Chrys Capital, for $23 million (little over Rs 100 crore).

Chrys Capital is a Collections and Accounts Receivable Management Services company and this acquisition is part of Essar's plan to have a larger footprint in the BPO segment. It already has a presence in the BPO segment through its wholly owned subsidiary, Aegis BPO.

The acquisition is expected to contribute over $25 million in revenues to the BPO business of Essar and is its fourth acquisition in the last one year "" the other three being Customer First and Orion in India and Technion in the US.

Global Vantege has over 1,400 employees with facilities in Gurgaoan in India and San Jose, Costa Rica. It operates in the banking, telecom and automobile verticals.

The company has a presence in the US, the UK and Australia. Commenting on this acquisition, Aparup Sengupta, CEO of the BPO business of Essar Global in India said: "We are very happy to welcome Global Vantedge to the Essar family. With this acquisition, we now have formidable strengths in this niche segment and will be able to offer the full suite of service offerings around Customer Life Cycle Management. Global Vantedge has built a great practice over the last five years with extremely demanding clients, some of them being Aegis' current customers. This puts us in a strong position and will lead to deeper engagement with our existing and future Clients."

"We have built the largest collections BPO in India and do feel happy that it is now part of a larger canvas at Aegis" said Mr. Brahmal Vasudevan, Managing Director, Chrys Capital.