Sundaram Business Services (SBS), the business process outsourcing (BPO) arm of Sundaram Finance Limited, has expanded its presence in the Australian market by roping in two new customers.
The company, which already has a strong presence in the continent with 200 people in Chennai servicing over 30 customers, has recently signed two new outsourcing deals in Australia. It is targeting to grow its Australian business by 50 per cent this year, the company said in a release.
SBS has signed a deal with a Sydney-based company to undertake mortgage processing work from India. In a separate deal with a Melbourne-based research company, SBS will undertake high-end equity research back-office work. It has also bagged deals with several new pension fund administrators and accountants across Australia.
The size of the multi-year deals is around Rs 15 crore. SBS will process 300,000 mortgage documents annually and support $1 billion worth of disbursements for its new Aussie mortgage customer.
“These deals are significant in that they are expected to double the company’s Australian business in the coming years,” the release added. The company is targeting to add five more customers from Australia this year. SBS' overall BPO business from Australia was around Rs 15 crore in 2011-12.
Commenting on the Australia expansion, SBS chief executive officer Rajesh Venkat said, “We plan to consolidate and strengthen our position in the self-managed superannuation funds (SMSF) vertical, while at the same time focus on growing and establishing a strong presence in our newly-launched services like mortgage processing, portfolio management, equity research and virtual CFO services.”
SBS provides back-office services for administrators of SMSF as well as book-keeping and portfolio management back-office services.
While the focus is on helping these existing customers grow through greater efficiencies and a wider product offering, SBS is targeting new verticals. Over the last one year, the company has expanded its offering in the Australian BPO market to services such as mortgage processing, equity research and data capture services for financial planners.
