Mergers and Acquistions News
Categories: Software
June 1st 2011, 9:47AM
Serco has struck a deal to buy Indian outsourcing company Intelenet for up to £385 million, in a move which analysts have called "expensive but strategically important".
The English company, which provides outsourcing services, said it made the move in a bid to boost international business following recent growth. Bosses believe that the deal will provide access to markets forecast for growth of around 15 per cent in the medium term.
Chief executive Chris Hyman said: "The international BPO market is growing quickly as companies seek out new ways to improve their service and reduce costs."
He added that Serco expected to see growth in servicing the banking, financial and insurance markets, which means that the deal with Intelenet, which specialises in accounting and financial services, will be very lucrative.
Analysts told Reuters that the move may not enhance earnings for Serco for several years, but that it will enhance the company's credibility in the higher margin BPO market, making it an important strategic move.
Last week Serco received recognition for its outstanding safety performance from RoSPA. The latest accolade meant that the company had been recognised 76 times in the past three years.
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