"The new acquisitions are in line with our vision of continuing our expansion into the financial services BPO space, building a secure global footprint to meet and exceed expectations of our customers," said Sunil Rajadhyaksha, executive director, HOV Services.

"We are on track with our growth plans and with the acquisition of SAM and TRAC, we further derive benefits for our shareholders. We will manage the business going forward and plan to go in for the remaining 70 per cent as and when we are ready."

The two companies combined are expected to deliver in excess of $17 million (over Rs75 crore) profitable revenues for FY 08.

Recently, US-based private equity fund manager, HandsOn Ventures, LLC, acquired a 100-per cent stake in Tracmail and Superior Asset Management (SAM) Inc through its acquisition fund, Rustic Canyon, LLC. HOV Services will acquire its 30-per cent interest at cost from Rustic, paying a total of $3.74 million.

HOVS has taken control and will manage the acquired companies; also HOVS has an option to purchase the remaining 70 per cent that it does not own.

Tracmail pioneered the 'accounts receivables management' vertical in India since inception in 1999. Tracmail services some of the largest companies in the world from its headquarters in Vashi. The current employee strength will be further increased up to 1,100 employees under HOVS to support growth of both companies.