Update 1: Aegis confirms TeleTech acquisition; Set to become a $500 million company in two years

The BPO arm of Essar Global Limited, Aegis BPO, today confirmed having signed a share purchase agreement to acquire TeleTech Services (India) Limited, a joint venture of TeleTech Europe BV and Bharti Ventures Limited. (See: Essar Group's BPO arm Aegis to buy TeleTech India)

It also confirmed the estimated value of the acquisition was $13 million.

This acquisition will catapult the $188 million Aegis to a leading position among India-based players in the business process outsourcing (BPO) market. With this acquisition, Aegis will have a footprint in Europe and South East Asia, besides India and United States of America.

Aegis has achieved a compounded annual growth of 44 per cent in the last three years and expects revenues of $500 million over the next two years.

This is the seventh acquisition in the last two years by Aegis, and the company has successfully integrated and grown diverse portfolio of practices across clients' segments and continents. This acquisition brings Bharti Airtel, India's largest mobile company into the growing portfolio of Aegis customers.

"We are delighted with this acquisition as this is a perfect fit for Aegis," said Aparup Sengupta, CEO and managing director, Aegis BPO. "It is in line with our strategy of growing the business in India in our chosen segment. This is a great win for Aegis."

Aegis, which was ranked among India's premier BPO companies by separate Dataquest and Nasscom surveys earlier this year, employs more than 14,000 people across 23 centres worldwide. It serves some of India's leading companies in the telecom, retail, banking and insurance sectors, as well as Fortune 500 clients in the USA.

Aegis caters to Fortune 500 clients across a multitude of verticals across telecommunications, banking and finance, energy, pharma and healthcare, education and logistics. It specialises in end-to-end customer life-cycle management and has developed deep expertise in creating value for several Fortune 500 clients over the last two decades.