Everstone buys US-based CRM firm to support India expansion
Everstone Group has agreed to buy US-based customer relationship management (CRM) solutions provider CustomerContactChannels (C3) with a view to helping the company expand in India.
The GP made its investment through its Singapore subsidiary Everise Services, partnering with Sunrise BPO, a Singapore-based business process outsourcing (BPO) company. Financial terms were not disclosed, but sources close to the deal told Livemint that the value was around $150 million. US-based PE firm Stone Point Capital, which invested in C3 in 2011, will fully exit its stake.
C3 provides customer service solutions to more than 20 clients worldwide in a range of sectors including healthcare, consumer internet, logistics and financial services, and also offers training and consulting in customer management. It has seven operating centers in the US, the Philippines and Guatemala, and nearly 8,000 employees.
Everstone and Sunrise hope to grow C3's annual revenue to $500 million from its current level of $200 million. Sunrise founder Sudhir Agarwal will become CEO of C3 and Everstone will lead its operational growth in India, while the company's current leadership team will continue to head its US operations.
"It's a privilege to help lead a company like C3 that has made a significant impact on the outsourced CRM solutions space in such a short time," Agarwal said in a statement. "Sunrise BPO not only brings capital, along with our key partner Everstone, but we also bring in the capability to rapidly scale C3's business in the US and Asia and greatly improve customer experience, working closely with all of C3's amazingly skilled employees and agents."
This is Everstone's third investment from its third India fund, Everstone Capital Partners III, which closed last year at $730 million. It also marks the firm's second investment in the IT enabled services space, after its 2014 acquisition of India's Servion Global Solutions for INR4 billion ($65 million), alongside US tech-focused investor Solmark.
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