Warburg Pincus backs Asia-US BPO player Everise
Warburg Pincus has agreed to invest an unspecified sum in Asia-US business process outsourcing (BPO) company Everise at a valuation of USD 1bn, facilitating an exit for Everstone Group.
It marks a final exit for Everstone, which established Everise in 2016 in collaboration with Sudhir Agarwal, then of Singapore-based Sunrise BPO and currently Everise CEO. Everstone invested in the business across two funds and partially exited in late 2020, securing a 3x return when Brookfield Asset Management invested about USD 450m.
“It was a plain vanilla call centre business serving the US healthcare market,” Avnish Mehra, head of private equity at Everstone, told AVCJ at the time.
“Today, customers want to contact you via chatbots, WhatsApp, and online channels, but the company didn’t have that. To address these needs, you need menu of propositions which Everise now delivers including onshore, near shore and offshore delivery, work from home, and artificial intelligence for content moderation.”
Operations ramped up during the pandemic, with Everise making key acquisitions in the form of Malaysian chatbot developer Hyperlab and US-based product support specialist Trusource Labs. During this period, headquarters were relocated from Singapore to the US, which represents the dominant share of revenue.
In addition to Singapore, the US, and Malaysia, there are now bases in the Philippines, Colombia, Guatemala, and Ireland. Headcount is around 19,000, compared to 13,000 as of mid-2021. The staff is said to be fluency in 32 languages.
The offering is described as an end-to-end customer experience solution, including multilingual customer support and technology support in terms of software and artificial intelligence-related services. Healthcare is the primary service vertical.
Proceeds from the latest investment are expected to be used for further M&A. The latest expansion – the opening of a new BPO facility in the Philippines last month – offers an example of the Everise approach. The site is said to be designed to foster efficiency and engagement, featuring nap rooms, a clinic, and a fully outfitted recreational space.
Everise describes the new facility as operating on a hybrid delivery model, combining the advantages of a workspace that caters to the evolving needs of modern businesses with the flexibility of remote work. This is believed to empower employees and promote healthy work-life integration.
“Warburg Pincus' deep domain expertise across diverse industries and next-generation technologies, coupled with the institutional knowledge of our trusted partner Brookfield, will contribute substantively to Everise's next phase of growth in offering strategic customer solutions,” Agarawal said in a statement.
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