Sundaram Finance BPO signs 2 deals in Australia

With these contracts, firm eyes 50% growth in the market down under

Sundaram Business Services (SBS), the BPO arm of Sundaram Finance Ltd, said today that it has expanded its presence in Australia by roping two new customers. The firm has said with the new outsourcing deals it has set a target to grow by 50%.

SBS, which already has a strong presence in Australia, with 200 people in Chennai servicing over 30 Australian customers, has recently signed two new outsourcing deals in Australia and is targeting to grow its Australian business by 50% this year, according to the company's 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 firm, the company will undertake high end equity research back office work. SBS has also bagged deals with several new pension fund administrators and accountants across Australia.

“These deals are significant in that they are expected to double the company’s Australian business in the coming years,” said in the release. The company did not disclose the company names.

Commenting on the Australia Expansion, Rajesh Venkat, chief executive officer, SBS said, “We plan to consolidate and strengthen our position in 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.”

Sundaram Business Services provides back office services for administrators of Self Managed Superannuation Funds (SMSF) as well as book keeping and portfolio management back office services.

Expansion into new verticals

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 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.