Mumbai: Global financial services firm Barclays Bank has acquired a 12.75% equity stake in BPO company Intelenet Global Services, reports PTI.
"Barclays Bank has acquired 12.75% fresh equity issue in SKR BPO Services, the holding company of Intelenet Global Services," Intelenet managing director and CEO Susir Kumar told journalists yesterday. Mr Kumar said Intelenet, which added 25 new clients during the last fiscal, plans to make an initial public offer in a year or two. The company, however, did not disclose the value of the deal.
Intelenet was a 50:50 joint venture between HDFC and Barclays before both stakeholders exited the company in 2007, in favour of Blackstone for a consideration of $200 million in a management-led buyout. At the time, Blackstone had an 80% stake in the firm and the Intelenet management 20%. Following the current stake sale Blackstone's stake has come down to 66.75% and the Intelenet management has 16.75%. HDFC also has 4.69%.
"We are pleased to again welcome Barclays as a shareholder and are grateful to them for their unwavering support," Mr Kumar said.
"At Blackstone, we continue to be very excited about the Intelenet management team's execution of its growth strategy and the further strengthening of its partnership with Barclays," Blackstone India chairman Akhil Gupta said.
Intelenet's revenues in 2009-10 were at about $240 million, compared to $90 million when Barclays exited three years ago. "In the last three years our growth has trebled and we hope the topline would jump by 20% to about $290 million this fiscal," Mr Kumar said.
He pointed out that the company planned to focus on the healthcare segment, which accounts for 10% of its revenues. "We expect the healthcare sector to grow between 12-15 per cent this fiscal," he said. Banks and other financial services customers account for about 42% of Intelenet's revenues. About 22% comes from travel and hospitality and 10% from telecom.
Mr Kumar also said that the company was scouting for acquisitions in the Philippines, China and Europe that would help it gain niche or special capabilities that would enhance its portfolio.
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