CHENNAI: Secova eServices Ltd, an HR BPO company based out of Chennai, has won a $5 million contract from a US-based hospitality industry player for providing health and welfare benefits services for 25,000 employees.
In a telephonic interview from US, Secova eServices CEO Venkat Tadanki said, “The contract, spread over a period of five years, is the biggest contract received by an Indian HR outsourcing player and Secova would be involved in servicing in health and welfare benefits services for the employees in US.”
“The US-based company employs around 50,000 employees and Secova would be carrying out the processing activities for 25,000 employees eligible for health and welfare benefits as per US laws,” he added.
He further informed that initially, 75 percent of this activity would be carried out in the US center of Secova and the company would gradually transfer most of the activities to India center within the next two years.
Secova has avid plans to become a $100 million company within five years. “Revenues today are at $ five million and within three years, we hope to increase it to $25 million, and taking it forward to becoming a $100 million company by five years,” Tadanki observed.
Secova is in the process of closing a deal with a fortune 1000 company in US, for serving its global employee base. “So far, we have been servicing clients within the US and this would help us move across geographies in dealing with payroll and benefits process for one company situated in various locations,” Tadanki informed.
Speaking on the HR outsourcing industry trends, he said that the HR outsourcing industry in US today stands at $40 billion and the mid-market segment amounts to $20 billion.
Nearly two-thirds in the mid-market segment of the HR outsourcing would be on payroll and health welfare benefits. “And nearly $9 billion-$10 billion worth opportunities in the mid-market segment can be outsourced to India and nearly 10 percent of the outsourcing activities is expected to move to India within a span of three to five years,” Tadanki informed.
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