Concerto Software plans to strengthen its India operations

Our Convergence Bureau
07 November 2003

New Delhi: Concerto Software, a proven provider of customer interaction management (CIM) solutions, today announced its plans for strengthening its India operations and declared that it has won 20 new customers in India over the last one year and has raked in revenues of approximately $5 million. These figures show a growth of approximately 50 per cent, which is almost double the industry growth rate of 27 per cent as predicted by world renowned independent research agency, Frost & Sullivan.

Concerto has over 70 customers in India, which include names like Wipro Spectramind, Essar, Teletech India, Global Telesystem, HCL Eserve, Daksh eServices, Globalvantedge, NIIT Smartserve, Colwell & Salmon, ICICI One Source, Hinduja, Transworks, Sanchez Capital, Zenta, Respondez, Prolease, and Infowavz.

Says Concerto Software president and CEO James D Foy: "India is one of the most crucial markets for Concerto and has immense potential. We see a very strong opportunity for further growth in this region and will be making significant investments and strengthen our relationships with our distribution partners so that India clearly emerges as the hub for the Asia-Pacific region."

Concerto Software recently announced that it has entered into an agreement and plan of merger with Melita International, a global provider of products and services focused on maximising contact centre effectiveness. This merger, which is expected to be completed by early next year, will see Concerto having revenues of $ 150 million, up from $99.5 million in the year 2002. The customer base of the merged entity will be 1,800, up from the present 1,200, and the worldwide employee strength will also see a 50-per cent rise.

Under the terms of the merger agreement, Concerto Software will combine with Melita and the combined company will operate under the name of Concerto Software. Except for certain shares held by certain officers and a director of Concerto Software, which will be exchanged for a minority equity interest in the new company, all of Concerto Software''s outstanding shares will be purchased for $12.00 per share in cash. Golden Gate Capital and Oak Investment Partners, both private equity investment firms and majority owners of Melita, are providing the financing for the transaction.

Concerto has already received notice of early termination of the Hart-Scott-Rodino antitrust waiting period regarding the proposed merger, which remains subject to other customary closing conditions, including the securing of other regulatory approvals and approval by stockholders of Concerto Software.