Sundaram Business Services (SBS), the BPO arm of non-banking finance company Sundram Finance, has picked up a majority stake in Professional Management Consultants (PMC) in cash to expand its service offerings.The acquisition also doubles the employee headcount of SBS to 1,600.
"The idea behind acquisition was that PMC was also working in financial services space. It is also doing credit card and retail loan processing, an area where we were not present and with the acquisition we get this capability," Sundaram Finance Managing Director T T Srinivasaraghavan said.
"In PMC, we saw both business and cultural fit and this acquisition considerably strengthens SBS' ability to offer services across the entire spectrum of the banking, financial services and insurance space," he said.
Srinivasaraghavan, however, did not disclose the money Sundaram paid for the stake. "PMC had revenues of Rs 7.5 crore last year and we paid a fair price," Srinivasaraghavan said. SBS on the other hand revenues of Rs 17.5 crore last year.
Read more in The DNA Money article.
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