CVCI invests in BPO firm SourceHOV, Apollo exits
Citi Venture Capital international (CVCI) has invested in SourceHOV, a largely India-based business process out-sourcing (BPO) firm. The deal will see CVCI buy out other minority shareholders including Apollo Global Management. The value of the deal has not been disclosed.
SourceHOV was formed in May 2011 through a merger of HOV Services with Sourcecorp, a portfolio company of Apollo, with each party holding 50% of the merged entity. HOV Services has since seen its share reduce to 27.2%.
According to a release, SourceHOV has 12,600 employees operating from over 80 delivery centers in six countries including the US, Mexico, Canada, India, China and the Philippines. Its clients include more than half of the Fortune 100 companies across various sectors. The company has approximately $525 million in revenue.
Apollo had acquired US firm Sourcecorp in a take-private deal worth $475 million in 2006.
Another Indian BPO exit could soon be on the horizon. In January it was reported that Warburg Pincus was in talks with The Carlyle Group, KKR and Baring Private Equity Partners India to sell its 29% stake in WNS Global.
Elsewhere, CVC Capital Partners last month agreed to buy an 80% stake in Philippines-based SPi Global Holdings, a BPO unit of Philippine Long Distance Telephone Company (PLDT). At $300 million, it was the country's largest-ever buyout deal.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.