Datamatics buys CorPay Solutions

NEW DELHI: BPO service provider Datamatics Technologies Ltd (DTL) has acquired the US-based CorPay Solutions Inc in an all cash deal. CorPay is a $13 million company specializing in finance and accounting BPO services. The acquisition has been funded through internal accruals.

According to the press release, with the acquisition of CorPay, DTL has emerged as the largest third-party pure-play BPO player in the country with revenues in excess of Rs 150 crore.

Speaking at the press conference to announce the acquisition, DTL MD and CEO Manish Modi said, "The synergies of the combined organizations would open numerous opportunities and create a compelling business proposition to its existing client base and markets. All these clients who were until recently unable to reap the offshore benefits due to CorPay’s US operations would now gain value emerging from DTL’s Indian operations. With this we will further strengthen our presence in the US finance and accounting outsourcing space and the combined operations would help accelerate and retain leadership position in the global market."

CorPay Solutions CEO Barry Lemay said, "We are proud and excited about joining the Datamatics Group. Datamatics offers CorPay the opportunity to expand its services while offering additional technology expertise and a proven offshore solution in the BPO market place. We were very careful in our analysis of potential partners to identify a company that was notably driven by quality services, integrity and customer focus. Another important factor to CorPay and its customers was to associate with an established organization of substance. After meeting with Datamatics it became very clear that the synergies of the two organizations would create a very compelling business proposition for the future".

(CNS )