Blackstone managed Private Equity (PE) funds have bought Serco Group’s business process outsourcing (BPO) operations for approximately Rs 2,558 crore, the largest acquisition by Blackstone in India. Post acquisition, the business will be rebranded as Intelenet Global Services.
Serco which has 51,000 employees across eight countries expects an annual revenue of Rs 241 crore for this year. Its BPO business has middle and back office services and a customer base in sectors such as financial services, insurance, telecoms, travel and healthcare.
“We are delighted to have another opportunity to partner with Blackstone. The business was sold because of a change in strategy for Serco which led to the sale of its private sector BPO business. We have retained almost all of our clients and key staff that we have had since our inception and look forward continuing to add value to them. We will shortly be working on a strategy that will enable us to significantly enhance our offering to the existing customers and prospects.
With the present management team continuing, this represents a seamless change of ownership and business as usual for all our stakeholders,” said Susir Kumar, CEO, Serco Global Services.
Serco Global’s CEO, Susir Kumar will continue to lead the existing management team. “With a market leading position in the offshore banking and travel/hospitality verticals and no 1 position in domestic India BPO, Intelenet has the core platform to capitalise on future growth opportunities, said Amit Dixit, senior managing director and co-head of private equity in India at Blackstone.