Aegis BPO Services Ltd., an Essar Group Company and a leading global
business process outsourcing (BPO) provider has concluded the merger of
PeopleSupport, Inc. (Nasdaq:PSPT), a leading offshore BPO provider,
through its wholly owned subsidiary Essar Services (Mauritius).
The combination creates a new global BPO leader with revenues of
approximately $450 million, nearly 30,000 employees and 20,000
production seats in 31 locations worldwide, servicing over 60 different
clients, most of which are Fortune 500 companies.
In India, Aegis BPO is also the largest domestic BPO provider with a
dominant presence in telecom, banking and financial services.
This is the 11th acquisition of Aegis in the
last three years. With the completion of this merger Aegis has
demonstrated a distinctive intellectual property of being one of the
fastest aggregators of organizations in the services space across the
world.
This business combination catapults Aegis into a differentiated league
of service providers with deep domain knowledge in telecom, banking and
financial services, insurance, healthcare, travel and emerging
enterprises, with delivery platform spanning onshore, near shore and
offshore thus providing end to end global delivery for all our clients.
This global delivery platform provides right shoring opportunities for
U.S. corporations helping them to significantly optimize their total
cost of ownership.
Aparup Sengupta, Global CEO and Managing Director of Aegis, commented, “We
are extremely pleased to welcome PeopleSupport’s
clients and employees to our organization. The combined entity will
offer clients and prospects an expanded set of solutions and services
from a broader geographic delivery platform. With significant operations
in the Philippines, India, the United States and Costa Rica, Aegis BPO
provides cost effective high quality solutions. We will continue to
serve PeopleSupport’s clients with their
existing teams and with the same high quality services they have come to
expect.”
Lance Rosenzweig, PeopleSupport’s CEO, added, “We
are excited to become a member of the Aegis family and to create a
global BPO leader offering award winning solutions. Our focus on high
performance outsourcing solutions will continue and our value
proposition is now stronger as we expand our industry and process
expertise, service offering and global delivery platform.”
Lance continued, “We are especially pleased to
close this transaction in light of the current economic environment, and
we believe this is a testament to the world-class organization that is
Aegis and the Essar Group. This also reinforces the values of trust,
goodwill and honor that are prevalent at Aegis and Essar Group. We are
proud to become a part of such a high quality organization.”
On October 30, 2008, the certificate of merger was filed with the office
of the Secretary of State for Delaware, and PeopleSupport became a
wholly-owned subsidiary of Essar Services, Mauritius and Aegis BPO.
PeopleSupport also reported that it has filed for delisting of its stock
with NASDAQ and has filed with the SEC for deregistration under the
Securities Exchange Act of 1934.
PeopleSupport shareholders of record on October 30, 2008 will receive
instructions from Computershare, the paying agent for the merger, that
will explain how to surrender stock certificates in exchange for the
merger consideration of $12.25 per common share.
About Aegis BPO
Aegis BPO is one of the fastest growing global business process
outsourcing (BPO) providers that offers customer lifecycle management
and variety of value-added interactive and back-office services for
global enterprise clients. With annual revenues of over USD
$450 million, Aegis BPO is one of the fastest growing BPO companies
globally. As a part of the ESSAR Group, one of India’s
largest conglomerates in terms of enterprise value, Aegis BPO has strong
financial stability and is well positioned for growth. Aegis BPO
services some of the world’s largest
corporations in the Telecom, Banking, Insurance and Healthcare verticals
through its 31 delivery facilities in the Philippines, India, the United
States and Costa Rica. By delivering high quality services from offshore
locations, Aegis BPO’s service delivery
centers reduce costs, improve performance and increase revenues. Aegis
BPO is well positioned for growth and geographic expansion as we deliver
on our mission to become a top-tier global outsourcing solutions
provider. For more information, visit website www.aegisbpo.com.
About Essar
Essar Global Limited (EGL) is a diversified business corporation
with a balanced portfolio of assets in the manufacturing and services
sectors of Steel, Energy, Power, Communications, Shipping Ports &
Logistics, Construction and Mining & Minerals. Essar employs more than
40,000 people across offices in Asia, Africa, Europe and the Americas.
Visit website www.essar.com.
Aegis / Essar Group Contacts:
Manisha Awasthi
Telecom
Group
Essar, India
Phone: +91 98339 45761
Manisha.Awasthi@essar.com
or
Sharad
Goel
Group Head - Media Relations
Essar Group, India
Phone:
+91 22 6660 1858
Sharad.Goel@essar.com
or
Peter
Hargittay
US Marketing
Phone: 310-824-6182
phargittay@peoplesupport.com