Aditya Birla Minacs, the business process outsourcing (BPO) arm of the $28 billion Aditya Birla Group, yesterday acquired UK-based Compass BPO Ltd, a financial management, accountancy and administrative services provider for an undisclosed sum.
Founded in 1998, London-based privately held Compass, has grown from a single client operation to over 28 customers across the UK, USA, Middle East and Asia Pacific.
Having its sales offices in the USA, the UK, UAE and India, Compass is one of the pioneering companies in third party Finance & Accounting outsourcing done from India through its Bangalore and Mumbai offices.
Through this acquisition, Minacs will take over all the operations of Compass, bringing Minacs' F&A employee strength to 600. The founders of Compass, David McCullough and Mark Atkins will join Minacs' management.
Deepak Patel, CEO of Aditya Birla Minacs, said, ''With Compass forming the core of Aditya Birla Minacs F&A, we are now strongly positioned to be an integral part of our clients' core processes. Compass is already a highly respected force in the F&A space with the full spectrum of capabilities.''
|Deepak Patel, CEO of Aditya Birla Minacs|
''With 10 years of operations, it has excellent client credentials, a highly qualified team, and strong domain expertise. This move is part of our strategic roadmap, and brings to Minacs significant credibility in the fast growing F&A business,'' he added.
David McCullough, CEO of Compass BPO, said, ''We at Compass are excited at the opportunities for accelerating growth by leveraging Minacs' global platform. Our best-in-class F&A expertise and value-added business solutions will bring great advantages to Minacs' Fortune 500 client base. We are also delighted to be part of a team that is known for its heritage of long term partnerships with clients''.
Aditya Birla Minacs, a subsidiary of Aditya Birla Nuvo Ltd, formed through the 2003 merger of Mumbai-based TransWorks Information Services Ltd, which went on to acquire Ontario, Canada based Minacs in 2006, employs more than 13,000 employees across 3 continents and 29 centers spanning Canada, Germany, Hungary, India, Philippines, the UK and the USA.