Bangalore: Business process outsourcing (BPO) multinational Sutherland Global Services Inc. will acquire financial research and analytics firm Adventity Global Services Pvt. Ltd in a deal to be unveiled later this week, people familiar with the development said.

This is the latest indication of deal activity reviving among medium-sized BPO firms, which may also include bigger companies as the year progresses. The deal size could not be ascertained. The people familiar with the development didn’t want to be named.

Adventity refused to comment. “As a policy, we do not comment or speculate on market rumours," chief executive Niket Patankar said.

Patankar, Kumar Subramaniam and Vivek Arora set up Adventity in Mumbai with the backing of angel investors—typically affluent individuals who provide capital for start-ups—nearly seven years ago.

They raised the first round of institutional funding when Norwest Venture Partners led a $20 million (Rs89 crore) investment in 2007. The Sutherland deal could provide an exit route for the investors, which include DA Capital and CIBC Capital Partners.

An emailed query to Sutherland had not elicited any response at the time of filing this report. Norwest could not be reached for comment.

Adventity’s delivery locations are spread across Mumbai, Chennai, Houston and Dubai, with around 4,000 employees providing analytical research to US financial institutions, as well as back office work support for the travel industry.

The annualized revenue of Adventity is pegged at around $30 million, with Ebitda (earnings before interest, taxes, depreciation and amortization) in the range of $3-4 million, according to people familiar with the situation, but this could not be independently verified. VcCircle