Start-up BPO Antworks to acquire two firms in US
Singapore-based Antworks to pay about $8-10 million for the two acquisitions
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New Delhi: Former Infosys BPO head Asheesh Mehra’s entrepreneurial venture ‘Antworks’ is closing in on acquiring two firms in the US to expand its healthcare platform.
The newly formed Singapore-based company, which provides technical and business process solutions to clients in the healthcare and financial services verticals, will pay about $8-10 million for the two acquisitions.
“We are working aggressively on expanding our healthcare portfolio. We will announce two acquisitions in the next 90 days. Both of these (firms) are based out of the US,” Mehra told PTI.
He added that the move will provide Antworks technology, clients and capabilities to tap into the multi-billion dollar opportunities in the healthcare space. “In the US, the Obama Healthcare is a huge opportunity. In UK, the NHS is almost 20 years behind the latest technology. These (projects) have huge potential and we are geared up to tap them,” he said.
Antworks, which raised $8 million from individual investors and promoters, will also expand the number of centres in India to service its clients across the two verticals. It has already set up a 110-seater centre in Pune and is scouting for sustainable locations across the country.
“We already have a 110-seater unit in Pune and have signed on a UK-based mortgage broking firm as our first client. As business grows, we will set up more centres across the country,” Mehra said.
The three-year contract with the UK-based mortgage broking firm is for $6 million. “In the next one year, we will hire about 300-400 more people as we scale. So, by year-end, hopefully we will be 500-people strong,” he said, adding the company would have about four clients in the year.
Commenting on the expected revenue, he said in about two years, Antworks was aiming to have around $20-25 million. Antworks will have offices in Qatar, London and Mumbai to begin with. It is focussing on providing solutions through two business models—business process as a service (BPAAS) and technology as a service (TAAS).
“Antworks will be built on three distinctive pillars - Fresh, Fearless and Fast,” Mehra added. In India, he said, the company would target mid-tier banks to provide cloud-based financial complete technology solutions with contract size of around Rs.2.5 crore. When asked if the company is looking for further round of funding, he replied in the negative saying “we are fully funded at least for the next 24 months.” PTI