The company is also scouting for buys in the Philippines, China and Europe.
Global financial services firm Barclays Bank today picked up 12.75 per cent stake in the holding company of Intelenet Global Services, a business process outsourcing firm, which plans to raise funds through initial public offer in next two years.
“Barclays Bank has acquired 12.75 per cent fresh equity issue in SKR BPO Services, the holding company of Intelenet Global Services,” Intelenet CEO Susir Kumar told reporters.
He further said Intelenet, which added 25 new clients during the last financial year, is planning to come with an initial public offer in a year or two. He did not divulge more on IPO plans.
The company is also scouting for acquisitions in the Philippines, China and Europe. "We are looking to acquire companies in the Philippines, China and Europe that has a certain niche or special capabilities that will enhance our portfolio," he said.
Barclays Capital and Morgan Stanley are the bankers for the deal with the British financial company.
Barclays Bank has bought the stake from promoters of SKR BPO Services. Its promoters include private equity firm Blackstone and mortgage leader HDFC Ltd.
Financial details of the deal was, however, not revealed.
It is for the second time Barclays is buying into Intelenet Global. The British banking group had held some stake but exited in 2007. Post-stake sale, Blackstone owns of 66.75 per cent, HDFC 4.69 per cent and Intelenet employees 16.75 per cent.
"We are pleased to again welcome Barclays as a shareholder and are grateful to them for their unwavering support," Intelenet Managing Director and CEO Susir Kumar said.
"At Blackstone, we continue to be very excited about the Intelenet management team's execution of its growth strategy and the further strengthening of its partnership with Barclays," Blackstone India Chairman Akhil Gupta said.
Kumar said Intelent expects 20 per cent jump in its topline at around $290 million this financial year. "In the last three-years, our growth has trebled and we hope the topline would jump by 20 per cent to around $290 million this fiscal. Top line during 2009-10 stood at $240 million."
Kumar further said Intelenet will focus on the healthcare segment, from which it earns 10 per cent of its revenue. "We expect the health care sector to grow between 12-15 per cent this fiscal," he added.
The company, which presently has 32,000 employees plans to raise its head count by 4,000 this financial year.
