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Firstsource Solutions Ltd.

BSE: 532809 Sector: IT
NSE: FSL ISIN Code: INE684F01012
BSE 15:53 | 22 Mar 47.15 -1.60
(-3.28%)
OPEN

49.20

HIGH

49.40

LOW

47.00

NSE 15:47 | 22 Mar 47.30 -1.40
(-2.87%)
OPEN

49.20

HIGH

49.30

LOW

47.00

OPEN 49.20
PREVIOUS CLOSE 48.75
VOLUME 413121
52-Week high 83.85
52-Week low 39.25
P/E 18.13
Mkt Cap.(Rs cr) 3,258
Buy Price 47.15
Buy Qty 1119.00
Sell Price 47.45
Sell Qty 500.00
OPEN 49.20
CLOSE 48.75
VOLUME 413121
52-Week high 83.85
52-Week low 39.25
P/E 18.13
Mkt Cap.(Rs cr) 3,258
Buy Price 47.15
Buy Qty 1119.00
Sell Price 47.45
Sell Qty 500.00

Firstsource Solutions Ltd. (FSL) - Company History

Firstsource Solutions Ltd is a leading provider of customised Business Process Management (BPM) services. The company is engaged in the business of providing customer management services like contact center transaction processing and debt collection services including revenue cycle management in the healthcare industry.As on 31 March 2018 the company had 15 subsidiaries and 1 associate company. The company has 37 global operation centers as on 31 March 2018. The centers are located across India US UK and Philippines. 10 of the company's operation centers are located in 7 cities in India 18 in US 7 in UK and 2 in Philippines.Firstsource Solutions Ltd is a leading provider of services to clients primarily in the BFSI telecommunications and media and healthcare industries. The company provides services mostly to clients in United States and the United Kingdom. The company provides a comprehensive range of services to all the clients.The company was incorporated as ICICI Infotech Upstream Ltd on December 6 2001 and was promoted by ICICI Bank Ltd. In April 2 2002 the name was changed to ICICI OneSource Ltd. In April 2002 the company acquired Customer Asset.com with its two subsidiaries to accelerate the entry into the BPO business. Also they acquired Tawny Dove Ltd in the same year. In the year 2003 they acquired FirstRing India Pvt Ltd to gain customer acquisition and credit card services capabilities. The company acquired a majority stake in Pipal in the year 2004 to acquire research and analysis capabilities. Also in the same year they acquired ASG in order to enter into the collections and receivables management market. In the year 2005 they acquired RevIT to enter into the healthcare industry and enhance the transaction processing capabilities. Also they acquired Business Process Management Inc (BPM) on December 29 2006 to further enhance the company capabilities in the healthcare sector.During the year 2006 the company has set up Firstsource Solutions S A through one of its subsidiary company Firstsource Solutions UK. Also they opened a branch office in Philippines. In March 2006 the company entered into the strategic partnership with Metavante to provide an exclusive channel partnership with respect to certain BFSI services in North America.In November 21 2006 the company got their present name Firstsource Solutions Ltd. The company won Offshoring Operations of the year and Financial Services Outsourcing Project of the year from National Outsourcing Association UK in September 2005. Based on the annual rankings by NASSCOM the company was the third largest Pure Play BPO provider. Firstsource was awarded second place in Healthcare category in the 8th Annual IQ Six Sigma Excellence Awards held at Florida in January 2007. In August 29 2007 the company has entered into an agreement to acquire MedAssist Holding Inc. a leading provider of revenue cycle management in the healthcare industry in the U.S. In February 2008 the company signed five-year partnership deal with Barclays U.S. Credit Card Business. In the year 2009 the company restructuring into four independent business verticals- HealthcareTelecoms Media Banking Financial Services & Insurance (BFSI) and Asia Business Unit (ABU) effective on March 2009.Firstsources awards cap is the ERE 2009 award as Recruitment Department of the year. Confeering this award at a ceremony in San Diego USA. In the year 2010 the company plan to expansion of operations to the Philippines offshore delivery location for a fortune 50 North American telecom carrier. The company enter into Australia by signing a contract with a Cable & Satelite TV Company. The company received awards winner of the UK Trade & Investment's (UKTI) Investor of the Year award at the UK- india Business Awards. In the year 2011 the company has been investing in new geographies by expanding business through new clients and it has recently entered in Australian. In the year 2012 the company entered into new geography area through Joint Venture with Dialog AxiataSri lanka. Started Operations in the Republic of Ireland. Firstsource signed total contract value worth USD 160 mn of new business in the year.During the financial year ended 31 March 2014 Firstsource Solutions incurred capital expenditure of Rs 357 million mainly towards refurbishment and maintenance of delivery centres and establishment of new centres in Philippines and USA. During the year under review the company expanded operations in Philippines with the third delivery center in Cebu.During the year under review the company secured a program from one of the oldest banks in Ireland won a 2 year contract in the Customer Management business with a leading US based telecom company for their wireless division won additional business for Mortgage Back-office and Mortgage telephony line of business for an existing leading banking client from UK secured a contract with a leading utilities and FTSE100 company in the UK for their mobile proposition and won additional work with an existing client which is one of the leading credit card issuer in the UK. During the year under review the company signed an additional contract with the Largest Pay TV Provider in the UK to provide a range of services such as Broadband support (Voice) and support for Billing & Technical queries for TV Broadband & Telephony products (Web Chat).During the year under review Firstsource Solutions added a new client to the Healthcare Payer clientele list in the US for provision of Claims Adjudication work won a Customer Management and Complaints Management contract with a leading UK financial services company won a Customer Insight Analytics and Consulting contract with a leading Irish Bank and secured a contract with a OEM company in UK to provide high end technical support through email & web chat service.Some of the products introduced by the company in the fiscal were First Customer Intelligence First Chat and First Smartomation.During FY 2014 the company made significant progress in establishing a strong Business Transformation office (BTO).In FY 2014 the company took a conscious decision to terminate services with clients which didn't measure up to the profitability thresholds that it had set itself to. The terminations were cordial with mutual consent between the parties.During the financial year ended 31 March 2015 Firstsource Solutions incurred capital expenditure of Rs. 687 million mainly towards refurbishment and maintenance of delivery centers and establishment of new centers in USA.During FY 2015 the company has made significant progress in establishing a strong Business Transformation Office (BTO). During the year ended 31 March 2016 the Board of Directors of Firstsource Solutions approved acquisition of 100% ownership of ISGN Solutions Inc. from its holding company ISGN Corporation USA and BPO business of ISG Novasoft Technologies India Ltd. The acquisition would be completed through Firstsource Group US Inc. (FGUS) a wholly owned subsidiary of the company in US and Firstsource Solutions Limited in India. ISGN Solutions Inc. is a provider of integrated end-to-end business process outsourcing (BPO) services to the financial institutions that focus on the US residential mortgage market. ISGN Solutions Inc. was incorporated in Delaware US in 1999 and has two 100% owned operating subsidiaries in US.During the year under review Firstsource Solutions incurred capital expenditure of Rs. 884 million mainly towards refurbishment and maintenance of delivery centers and establishment of new centers in UK.During FY 2016 Firstsource Solutions enhanced its Business Transformation Offerings (BTO).During the financial year ended 31 March 2017 Firstsource Solutions' holdings in Nanobi Data and Analytics Private Limited (Nanobi) exceeded 20% and the said holdings post conversion will be part of the Equity Share Capital of Nanobi. Accordingly Nanobi became an Associate Company of Firstsource Solutions pursuant to the provisions of Section 2(6) of the Companies Act 2013.Further during the year under review Firstsource Dialog Solutions (Pvt) Limited Sri Lanka a subsidiary of Firstsource Solutions Limited has successfully completed the assets transfer to Dialog Business Solutions (an entity of Dialog Axiata).During the financial year ended 31 March 2017 Firstsource Solutions incurred capital expenditure of Rs 856 million mainly towards refurbishment and maintenance of operation centers technology upgrade and setting up of new operations centers.During the financial year ended 31 March 2018 Firstsource Solutions incurred capital expenditure of Rs 625.05 million mainly towards refurbishment and maintenance of operation centers technology upgrade and setting up of new operations centers.On 7 July 2017 Firstsource Solutions signed a Business Transfer Agreement with Vertex Customer Management India Private Limited to sell a portion of company's India domestic business and the said transaction was closed successfully during the financial year ended 31 March 2018.In FY 2018 Firstsource Solutions significantly bolstered its Business Transformation Offerings (BTO). Under the BTO framework the company continues to build Transformative Productised Solutions through a combination of Robotic Process Automation Workflow technologies Digital and Analytics based predictive models.