BPO company Minacs, which was formerly a part of the AV Birla Group, has been acquired by US headquartered Synnex Corporation in a deal valued at $420 million. The transaction, which is expected to close in the third quarter of 2016, will see Minacs being integrated into the operations of Synnex’s BPO subsidiary Concentrix.

The deal will also mark the exit of the private equity owners of Minacs – CX Partners and Capital Square Partners.

Minacs has a large base in North America and India. Minacs was formed in 2007 following its merger with A V Birla group owned TransWorks. The Birla group sold Minacs to the PE players in 2014 for $260 million.

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According to a release by Synnex, this transaction is intended to strengthen domain expertise in Concentrix’ automotive industry vertical and accelerate marketing optimisation and IoT solutions with Minacs’ proprietary technology. The transaction is also expected to provide further scale and reach for Concentrix.

Synnex CEO Kevin Murai said, “This strategic investment is expected to create even greater scale and a more compelling value proposition for our clients and shareholders. This transaction is also in line with our stated goals of margin expansion and diversification of our revenue.”

The transaction is expected to add approximately $400 million in revenue for Synnex.

Following the transaction, Anil Bhalla, CEO of Minacs, will stay with the combined company and join Concentrix’ senior executive staff. “I am confident that the combination of our capabilities will present an even more compelling value proposition to the marketplace,” Bhalla said.

Concentrix has operations across 25 countries, with approximately 90 delivery centers. It has more than 70,000 employees serving more than 400 clients in more than 40 languages. The company has a delivery footprint in India, the Philippines, Europe, Asia/Pacific, North America and South America.

Minacs has around 21,000 people with 35 centres worldwide providing services across sectors such as manufacturing, retail, telecom, technology, media and entertainment, banking, insurance, healthcare, and public sectors.