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  • South Asia

Capital Square-owned Aegis to merge with US-based Startek

  • Holden Mann
  • 16 March 2018
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Indian business process outsourcing (BPO) service provider Aegis, which was acquired by Capital Square Partners last year, has agreed to merge with US-based counterpart Startek. The deal will give Capital Square control of the combined company.

Startek will issue 20.6 million shares to Capital Square in exchange for all outstanding shares of Aegis, according to a filing. At the same time Capital Square will buy about 830,000 additional shares in Startek at $12 apiece, representing a $10 million investment. Following the transaction Capital Square will own 55% of the combined company, with the remaining 45% held by Startek shareholders.

The transaction has been approved by the boards of both companies and is expected to close by the third quarter of 2018, subject to shareholder and regulatory approvals. After the merger the new entity will have over 50,000 employees and operations across five continents, with combined annual revenue expected to reach $700 million. Because the two companies offer similar services with little geographic overlap, integration is expected to proceed smoothly.

Capital Square bought Aegis last year from Indian conglomerate Essar Group for an undisclosed amount. Essar had acquired Aegis, then based in the US, in 2004, but sold its US, Philippines and Costa Rica businesses in 2014. The company services clients in a range of industries including telecom, technology, media, financial services and retail.

Aegis’ revenue for 2017, as reported in Startek’s filing, came to $388 million. Net profit has not been disclosed, but EBITDA was reported at $38 million.

Startek was founded over 30 years ago and operates mostly in the US, with additional offices in Canada, Honduras, Jamaica and the Philippines. Its services include sales support, order processing, customer care and receivables management and customer analytics.

For the year ended December 2017 Startek reported revenue of $293 million, down from $307 million the year before. Over the same period the company posted a net loss of $1.3 million, down from a net profit of $400,000 for the prior year.

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