Philippines based BPO Spi Global and US private equity giant Blackstone are tangled in a bout to acquire Serco’s Indian BPO units. Serco, the Britain based Outsourcing company suffered heavy losses last year, prompting the company to sell its Indian BPOs resources. "This is a good business with highly capable people but does not fit with the future strategic direction of Serco and will find a better home with a new owner. The divestment process is ongoing and we are not going to comment on the detail of the process," said a Serco spokesperson. While many companies have had their eye on the company and tried to acquire the company, only the two companies were able to hold on to the deal till the end. Serco’s BPO division also comprises Intelenet, a firm that was under ownership of Blackstone from its inception in 2000 until it was sold to Serco in 2011 for $634 million. Blackstone sees this auction as the perfect opportunity to get back into the BPO industry by reacquiring its previous subsidiary which is currently amongst the top three BPO companies in India.
Blackstone during its previous stint as the owner of Intelenet reaped huge benefits from the BPO firm. After selling off Intelenet to Serco, Blackstone had moved completely out of the Indian market which has proved to be both progressive and lucrative to offshore investors and Outsourcers and this buy will help the company set up base in India. Going head to head with Blackstone in the auction race, SPi Global is looking to expand its foothold in the sub continent where it already has a huge business set up. Both companies are all set for the big showdown where the highest bidder will gain Serco’s Indian BPO division in the sale which is set to take place towards mid 2015.
