BPO firm Servion to buy back Citicorp stake

 "Citicorp is selling its 30-35% stake in Servion. The company is buying it back. We are in the middle of the process," K Balakrishnan, managing director and chief executive officer of Servion Global Solutions, said.

 Balakrishnan said Servion, which makes software products that integrates customer contact tools, was growing at the rate of 50% per annum in terms of revenue and headcount. "Last year, our revenue was $12 million, and we expect it to go up to $18 million this year. Likewise, our employees at the start of 2005 was 300, which is likely to go up to 450 by the end of the year," he added.

 He said the company was planning an IPO in the next 12-18 months.
"The IPO is being planned to raise resources for growth, and to allow venture capitalists and promoters to offload some part of their holding in the market. After the IPO, employees who have been granted stock options will see a value in their holdings," Balakrishnan said.

 He, however, did not comment on the size of the IPO. Five promoters hold close to 50%, and the rest is with other investors.