International Service Company, Serco signed Agreement to acquire Mumbai based Intelenet

Serco, the international service company signed an agreement to acquire Mumbai-based Intelenet Global Services Private Ltd on 30 May 2011. Intelenet is a leading provider of business process outsourcing (BPO) services to the private sector and in the domestic Indian market, for 385 million pound sterling.

Serco is a FTSE 100 listed company and supports governments, agencies and companies. It offers operational, management and consulting expertise in the aviation, BPO, defence, education, environmental services, facilities management, health, home affairs, ICT, knowledge services, local government, science and nuclear, transport and the commercial sectors.

The acquisition cost of 385 million pounds (Rs.2770 crore) includes contingent payments of up to 350 million pounds, and will be fully funded from Serco's debt facilities.

The acquisition is in line with Serco's strategy focussed on organic growth, supplemented by strategic acquisitions of skills and capabilities to enter new markets and sectors. The acquisition will add to Serco’s scale and depth of capabilities.