e4e ups stake in iSeva

BANGALORE: e4e Inc. has announced that, as part of its overall strategy of expanding its business services offerings to enterprise customers, it has significantly increased its ownership of iSeva Inc., a BPO company, with its Indian operations headquartered at Bangalore. e4e Inc. will now have a controlling interest in the company.

"Acquiring a controlling interest in iSeva is an important part of our plans to provide value added business service on tap. We have set aside adequate capital to support the growth plans of the Company" said Somshankar Das, Chairman of iSeva Inc and the CEO and President of e4e Inc.

As part of the increased ownership, e4e Inc has reorganized the board and management structure of iSeva Inc.

The board has appointed Vaibhav Tewari as the new President of iSeva Inc., and as a member of the new board. Vaibhav has been the Managing Director of iSeva India for the past four years. Deepak Sircar, the former CEO, has left the Company to pursue other interests. Dr. Sridhar Mitta, Managing Director of e4e India and Murali Rangarajan, Chief Operating Officer of e4e Group have also been appointed to the board of the company.

Murrali Rangarajan, COO of e4e Inc said, "iSeva is a critical foundation piece to our overall BPO strategy currently focused on Mortgage Business Processing and Customer Service Outsourcing. Over time, we seek to grow our BPO offerings from Mortgage Processing to cover other areas including loan / asset management, retail and wholesale banking back office operations, servicing and payment processing. We also will bring to market proprietary technologies that will enable customers to realize lasting savings and fundamental shifts in their business economics."

Discussing the changes, the new President of iSeva Inc, Vaibhav Tewari, said "iSeva has made great progress in the last four years because of our operational excellence and domain focus. With enhanced capital availability from e4e Inc, we will accelerate our efforts and increase our presence in the global BPO market place".

iSeva was started in November 1999 as one of the first end-to-end BPO companies with operations in India. The company has grown profitably over the last four years and has established itself as a domain specific and industry focused company with significant expertise in industries including Mortgage Processing, Banking and High Technology. Today iSeva has over 800 people providing BPO services to clients in US, UK and India.