Firstsource Solutions To Form JV With Lankan Telco Dialog Axiata

Firstsource Solutions To Form JV With Lankan Telco Dialog Axiata

By TEAM VCC

  • 03 May 2011

Mumbai-based Firstsource Solutions Ltd (formerly known as ICICI OneSource) is planning to form a joint venture with Sri Lanka-based Dialog Axiata Plc., a telecom service provider. Firstsource will acquire a 74 per cent of Dialog Business Services, the recently formed BPO venture of the Dialog Axiata Group, and rename it as Firstsource-Dialog Solutions.

The JV will manage Dialog’s customer contact management operations across its mobile, fixed line, pay television and broadband businesses.

“This is an important step for Firstsource Solutions, as we expand our presence in South Asia and is in line with our growth aspirations within the Asia business unit. This is a strategic decision to venture into the sub-continent to address the growing requirement for customer relationship management. The stability of the economy, support of government bodies and the availability of talent pool were our key drivers to invest in this market,” said Matthew Vallance, CEO and managing director.

Firstsource Solutions provides services to healthcare, telecom, media, banking and financial services industries. The company has operations in India, the USA and the Philippines. Over 2,60,000 employees across 41 offices worldwide cater to Fortune 500, FTSE 100 and Nifty 50 companies.

“With the entry of Firstsource as the major investor in this company and the infusion of global practice in BPE operations, we are confident that Firstsource-Dialog Solutions will be a forerunner in Sri Lanka’s ITES and BPO space,” said Hans Wijayasurya, group CEO, Dialog Axiata Plc.

Earlier, WestBridge Capital Partners had invested $7.72 million in Firstsource. WestBridge Capital had invested $15 million in BPO firm FirstRing in 2001 and acquired ICICI OneSource in 2003.