24/7 Customer Sets Aside $20 M For Acquisitions

Bangalore | Updated: May 20 2004, 05:30am hrs
Business process outsourcing (BPO) major 24/7 Customer is planning to acquire companies in the US and UK. The Bangalore-based firm which is also present in Hyderabad, is planning to spend around $20 million on these acquisitions and expects to finalise its plans in the next three to six months, according to company founder and CEO PV Kannan.

He said the company to be acquired would ideally complement and supplement 24/7 Customers capabilities and be able to provide near shore support for some processes, following the global delivery model. It is shortlisting mid sized firms with an average strength of 1000 employees in these countries, he said.

Mr Kannan said funding would be primarily from borrowings. However, the company is not looking at any more venture capital (VC) funding in the immediate future. The entire idea (of acquisitions) is to have a seamless delivery for our customers. We want our customers to benefit from 24/7 Customer in processes that can be outsourced but cannot be offshored due to various factors, he said.

By June, 24/7 Customer will bifurcate its services into three categories namely information-based, interaction-based and backoffice-based operations. According to 24/7 Customer assistant vice-president of sales and global marketing V Bharathwaj, We are trying to redefine our services and be known as a customer life cycle company which supports every business process that touches a customers life, rather than just being a call centre.

24/7 Customer would also hire nearly 4000 agents during the year, to add to its work force of 3000.The company is putting in place measures to match committed expansion plans and increased demand from existing customers. It has set up six recruitment centres to support its hiring plans.