Aditya Birla Minacs acquires US-based Bureau of Collection Recovery
2nd June, 2010
Second acquisition in three months to augment customer lifecycle portfolio
Bangalore: Aditya Birla Minacs, a global business solutions company and a subsidiary of Aditya Birla Nuvo Ltd., today announced the acquisition (through its US subsidiary) of the US-based Bureau of Collections Recovery (BCR), a leading accounts receivables management company, serving the credit industry for over 25 years.
With this acquisition, Minacs' clients will now have access to BCR's team of collections experts and its experienced top management.
BCR established itself in this specialised market with a strong base of marquee clients in the banking, financial services and telecom sectors, providing services in first party, early out and third party collections across various stages of delinquency, as well as in pre-charge-off, primary and secondary post-charge-off collections.
Commenting on the deal, Deepak Patel, CEO - Aditya Birla Minacs, says, "This is Minacs' second acquisition in three months and demonstrates our commitment to the strategic mission of building new capabilities. In addition to its proven expertise, BCR has a very strong operating model with a consistently growing top and bottom line. Its capabilities are adjacent to Minacs' core customer lifecycle services and enhance our ability to successfully win and deliver end-to-end solutions to our clients."
Blake Rice, founder of BCR, who is exiting the company, says, "I am delighted to see BCR become part of a global growth engine, and am confident that this acquisition will deliver long-term shareholder value to Aditya Birla Minacs."
Marty Sarim, President and CEO - BCR, who will now take over as Global Practice Leader for Accounts Receivables Management at Minacs, says, "The US debt collection industry alone is currently over $12 billion in size and is expected to grow at 12% CAGR. With Minacs' global delivery platform, we will leverage our strengths to focus our efforts towards winning larger opportunities in this market place."
Post the acquisition, BCR will operate as a subsidiary of Aditya Birla Minacs. BCR's centres in Eden Prairie and Willmar, Minnesota will join Minacs' global network of 30 delivery centres across three continents delivering business solutions to its clients.
About Aditya Birla Minacs Worldwide Ltd. (Aditya Birla Minacs)
Aditya Birla Minacs is a leading business solutions company that partners with global corporations in BFSI (banking, financial services and insurance), TIME (telecom, technology infrastructure, media, and entertainment), manufacturing and the public sector. Minacs leverages years of process, domain and technology expertise to deliver superior business value to clients with its seamless customer lifecycle and enterprise services. Around 15,800 Minacs experts across three continents and 30 centres spanning Canada, Germany, Hungary, Jamaica, India, Philippines, the UK and the USA power our solutions through a global delivery model that helps clients enhance revenues, profitability and customer service.
Aditya Birla Minacs is a subsidiary of Aditya Birla Nuvo Limited (ABNL), a USD 3 billion conglomerate having leadership position across its manufacturing as well as services sector businesses. ABNL is a part of the Aditya Birla Group, a USD 29 billion Indian business house operating in 25 countries across the globe.
Visit http://www.minacs.adityabirla.com for more information.
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in our filings with the regulators in India and to our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
For more information, contact:
Shiwani Varma Vyas
Aditya Birla Minacs
Tel: 91 080 41446000