MeritTrac Plans To Raise $2-4 Million

Bangalore | Updated: May 27 2004, 05:30am hrs
Recruitment process outsourcing firm MeritTrac Services Pvt Ltd, that does processing and assessment works involved in the recruitment processes of ITES and business process outsourcing (BPO) companies, has announced that the company was planning to raise additional investment in the region of $2-4 million.

The company, which would deploy the funds for growth purposes, is in talks with investors to attract funding, said MeritTrac director Madan Padaki. Addressing newspersons at the launch of MeritTracs assessment programme SkillsTrac, he said recruitment process outsourcing was emerging as a potential business opportunity especially in the BPO sector. The company offers cost savings of around 15 to 20 per cent in the recruitment processes involved for its BPO clients.

Quoting a Nasscom-McKinsey projection, he said that even as nearly 25 lakh people were being recruited in the BPO sector every year, there would be a shortfall of nearly 262,000 people in the sector by the year 2009.

SkillsTrac, the scientific assessment programme is deployed to identify employable talent pool for the BPO sector in different states. MeritTrac placed around 240,000 people last year and has 15 clients.