|  Due to the largest acquisition made by an Indian business process outsourcing company, US-based BPO Lason for $148 million (about Rs. 660 crore) has come into the possession of Pune-based HOV Services. The leveraged buyout is valued 3.5 times the acquirer's current turnover. If its March 31, 2006, figures of Rs 164 crore (Rs 1.64 billion) are taken into account.
Up to now, the largest acquisition by an Indian BPO was that of Canada-based BPO Minacs Worldwide by Aditya Birla group-owned TransWorks for $125 milllion (about Rs 560 crore) in June 2006.
In the midst of other big deals, Infosys acquired Citibank's 23 per cent stake in Progeon last April for $115.13 million (about Rs 515 crore), while Wipro acquired Spectramind for around Rs 420 crore (Rs 4.20 billion) in 2002.
The largest acquisition of almost $8 billion Indian BPO space is that of Daksh by IBM in 2004 for $170 million (around Rs 760 crore).
HOV will attain Lason through HOV Services LLC, its entirely owned subsidiary where people serve to assist their customers in the US. The company has lifted up $188 million (around Rs 837 crore) through a union of equity and debt instruments. The company, in this way, will have cash worth $40 million (around Rs 180 crore) for post-acquisition to finance its future activities. It can easily shell-out money when there is going to be indefinite time to come.
It has assemble $63 million (around Rs 280 crore) from Merrill Lynch and Apollo Management, two large private equity funds, and group entity HOV Capital through equity subscription, while it raised $125 million of debt.
During the conversation with Business Standard, Sunil Rajadhyaksha, HOV Service executive director said that the acquisition would make the company one of the two biggest listed BPO companies in the country.
Together, the companies will attend to 50 per cent of the Fortune 100 companies, and include over 4,000 potential customers in North America.
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