Hinduja Global Solutions Limited (HGS) has announced that it has entered into a definitive agreement to sell its India Domestic Customer Relationship Management (CRM) business to leading BPM services provider Altruist Technologies Private Limited. This is an all-cash transaction for Rs. 40 crore, subject to adjustments. In addition, the proceeds from working capital will accrue to HGS. The transaction, subject to approvals, is expected to close by January 31, 2020.
HGS’ Domestic CRM business comprises primarily voice services and some non-voice processes. Post completion of the transaction, HGS will transfer client contracts and assets at 10 delivery centers across Bangalore, Mysore, Hyderabad, Pune, Mumbai, Noida, Indore and Raipur. Over 7,300 employees will move to Altruist as part of the agreement. For the six months ended September 2019, revenue from HGS Domestic CRM business was around Rs. 145 crore.
HGS will continue to focus on strengthening its international business that supports global clients out of India, HGS Business Services (comprising HRO, Compliance, Payroll and F&A Services) and HGS Interactive businesses.
Edelweiss Financial Services Limited acted as the sole financial advisor to HGS on the transaction.
About Hinduja Global Solutions (HGS):
A global leader in business process management (BPM) and optimizing the customer experience lifecycle, HGS is helping make its clients more competitive every day. HGS combines technology-powered services in automation, analytics and digital with domain expertise focusing on back office processing, contact centers and HRO solutions to deliver transformational impact to clients. Part of the multi-billion dollar conglomerate Hinduja Group, HGS takes a true “globally local” approach, with over 44,218 employees across 71 delivery centers in seven countries making a difference to some of the world’s leading brands across nine key verticals. For the year ended March 31, 2019, HGS had revenues of Rs. 48,167 million (US$ 689 million).