Metavante picks 11.5% in I-OneSource

Under a strategic alliance, US-based Metavante Corporation has acquired a 11.5 per cent stake in Indian BPO major ICICI OneSource (I-OneSource), for an undisclosed sum.

The alliance will help the companies to jointly foray into new BPO services offerings, targeting North American banking and financial services markets.

The stake sale was effected through a combination of primary infusion and secondary purchase. Metavante is the financial technology subsidiary of New York Stock Exchangelisted Marshall & Ilsley Corporation and is one of the top three bank technology and payment processors in US.

Under the deal, Metavante will be the exclusive distributor for I-OneSource's BPO services in North American financial services and payment markets.

It will be also Metavante's exclusive offshore delivery partner and preferred onshore delivery partner for BPO services to financial institutions, I-OneSource said in a release here today.

In turn, I-OneSource will be Metavante's offshore and preferred onshore delivery partner for BPO services to financial institutions.