CX Partners, Capital Square to exit India's Minacs to US strategic
CX Partners and Capital Square Partners have agreed to exit India and US-based business process outsourcing (BPO) firm The Minacs Group to US-based BPO provider Synnex.
Synnex will pay $420 million for Minacs, according to a statement. The deal is expected to close in the third quarter of 2016, subject to regulatory approval. Until the close of the transaction the two companies will continue to operate independently.
Upon closing, Minacs will be integrated into Concentrix, a subsidiary of Synnex that provides business outsourcing services in 25 countries across Asia, North America, South America and Europe. Concentrix will make use of Minacs' proprietary back office technology to improve its marketing optimization and strengthen its expertise in its automotive industry vertical; Minacs will also help Concentrix scale up to serve customers more efficiently.
"I am confident that the combination of our capabilities will present an even more compelling value proposition to the marketplace," said Minacs CEO Anil Bhalla, who will join Concentrix's senior executive staff. "Across industries, clients can expect our shared vision and strategic scale to help them solve bigger, more complex business challenges."
Minacs employs 21,000 employees in 35 centers worldwide, with corporate headquarters in India, Michigan and Ontario. It provides customer experience, marketing and back office solutions to clients in the manufacturing, retail, TMT, entertainment, banking, insurance, healthcare and public sectors.
CX Partners and Capital Square led a consortium to buy Minacs (then called Aditya Birla Minacs Worldwide) for an enterprise value of $260 million in 2014. The business was divested by its former owner Aditya Birla Nuvo in order to pursue growth opportunities in other areas.
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