TopSource close to lapping up new acquisitions

PUNE, INDIA: Payroll processing service specialist TopSource with India and UK as its focus markets is inching closer to making new acquisitions and dishing out new frameworks.

The first of these acquisitions could materialize the next week that might be significant enough to the extent of doubling its revenues and giving it headway in the captive business.

The company being acquired is possibly a payroll expert that derives over 50 per cent of its business from a captive client.

Without divulging many details, director, Sunil Bane told that this is a UK-based payroll bureau. UK has about 20,000 payroll bureaus.

"Acquisitions are a significant part of our growth strategy," he added.

Another acquisition could happen in the next eight to ten months. TopSource recently acquired a company a year and a half back.

The company that has two product frameworks already, namely Portico, an online document archive and Payone, an HR and payroll portal, is also ready to roll out two more frameworks in about six months.

"The technology and design of these is in place. One is in the account payable space that is for activation of the purchase-to-pay cycle covering a range of pieces from supply invoices, remittance invoices, etc. that will allow appropriate data to be entered by TopSource, or by clients or suppliers. Another one would be in the area of on-demand management reports."

Automation, he added, has played a big role from the point of view of productivity, recurring revenue as well as client value for TopSource, manned by about 150 people now, which incidentally sees 20 to 30 per cent staff growth sufficient enough for its growth appetite.

Murali Santhanam, director, told that while the current mix of the company comprises of 85 per cent business from UK, one per cent from Ireland and ten per cent from India, the future holds more promise and potential from India as a market.

"There are no figure-wise indicators but if you see the broader picture, every employee is a target and a market for us," he added.

The company which is a financial outsourcing partner with services like payroll, accounting, administrative and operational back-office work and processes about 15,000 pay slips a month, intends to touch about ten million pounds in revenue in another two and half years and India would be a major part of this growth.

Nothing is lined up for near future, but the company has the US, Singapore and Dubai as markets on horizon.