Aegis BPO, an arm of the Essar group, confirmed it signed an agreement to acquire TeleTech Services (India) Ltd for about $13 million, or Rs51.09 crore.
TeleTech Services is a joint venture of TeleTech Europe BV, a subsidiary of Teletech Holdings Inc., and Bharti Ventures Ltd. It provides customer management services.
“This is in line with our strategy of growing the business in India in the telecommunications segment, where we have a significant market share,” said Aegis CEO Aparup Sengupta.
Telecom services is its largest contributor to revenue at 40%, followed by banking and financial services which contribute 20%. Aegis said it expects to become a $500 million company in the next two years, having grown at 44% annually in the last three years.
The acquisition would add $15 million in revenues in the first year, Sengupta said.
Aegis said it is also looking at South-East Asia and Europe, and plans to expand presence in Spanish-speaking countries through acquisitions and partnerships, according to Sengupta.
The US contributed 60% of Aegis annual revenues with the remaining coming from India, said the firm’s chief financial officer C.M. Sharma.