Business Process Outsourcing firm Hinduja Global Solutions (HGS) today said it had acquired HCCA Business Services from another IT company 3i Infotech for an undisclosed amount.
The transaction also includes the payroll processing activities of 3i Infotech in UAE and other Gulf Council countries, HGC said in a filing to the Bombay Stock Exchange.
However, the company did not disclose the financial details of the deal.
HCCA is leading Human Resource Outsourcing (HRO) provider servicing customers in Banking, Financial Services, Insurance and other industry verticals, the filing added.
This acquisition marks HGS' entry into HRO domain. HCCA would become a wholly-owned subsidiary of HGS.
This will also enable the company to get a footprint in the Middle East market.
"This acquisition is a strategic fit as it provides us an entry into the HRO domain which holds great promise," HGS Global CEO Pratha DeSarkar said.
The HCCA transaction is the second acquisition by HGS in this month. Earlier, this month, HGS had acquired On Line Support Inc. These two acquisitions, will add revenues of around $68 million annually to HGS.
This is expected to take HGS' revenues from $242 million to $320 million in FY11 on an annualised basis, an increase of over 30%.
"We see real opportunities for all of us to extend and enhance HCCA's bouquet of services," HCCA CEO Harish Chopra said.
Shares of HGS today closed at Rs 332.50 on the BSE, down 2.18% from the previous close.
