Today's News
CHENNAI: Diversified southern conglomerate Murugappa Group is selling its business process outsourcing business, Laserwords, focused on publishing industry. Philippines-based SPi Global is set to acquire Laserwords in a deal which could be announced as early as next week, said sources briefed on the matter.
Murugappa had mandated Enam to explore strategic options for Laserwords, which it acquired in 2006. "We are in final stages of a possible transaction. It could be a strategic stake sale or a full exit," senior officials of the group said. While the reason for the proposed exit by the Murugappas' is not known, sources said that the business did not grow at the pace at which the group expected it grow. The financial contours of the proposed transaction is also not known.
"We are not going to comment anything at the moment. It is speculation," a spokesperson for Murugappa said when contacted. It offered end-to-end solutions for print and media production services to leading publishers of school (K-12), higher education, academic, as well as professional and trade publications. Laserwords' clients includes Amazon, Scholastic, Pearson among others.
The company has almost all the top 10 publishers in the world. It has centres in California and Chennai.
SPi Global is a full-service BPO provider with offices and facilities in 24 locations across North America, Europe, Australia, and Asia. It has over 15,000 employees delivering a range of solutions in knowledge process outsourcing and customer relationship management.
- Source taken from Times of India.
CHENNAI: Diversified southern conglomerate Murugappa Group is selling its business process outsourcing business, Laserwords, focused on publishing industry. Philippines-based SPi Global is set to acquire Laserwords in a deal which could be announced as early as next week, said sources briefed on the matter.
Murugappa had mandated Enam to explore strategic options for Laserwords, which it acquired in 2006. "We are in final stages of a possible transaction. It could be a strategic stake sale or a full exit," senior officials of the group said. While the reason for the proposed exit by the Murugappas' is not known, sources said that the business did not grow at the pace at which the group expected it grow. The financial contours of the proposed transaction is also not known.
"We are not going to comment anything at the moment. It is speculation," a spokesperson for Murugappa said when contacted. It offered end-to-end solutions for print and media production services to leading publishers of school (K-12), higher education, academic, as well as professional and trade publications. Laserwords' clients includes Amazon, Scholastic, Pearson among others.
The company has almost all the top 10 publishers in the world. It has centres in California and Chennai.
SPi Global is a full-service BPO provider with offices and facilities in 24 locations across North America, Europe, Australia, and Asia. It has over 15,000 employees delivering a range of solutions in knowledge process outsourcing and customer relationship management.
- Source taken from Times of India.
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