Chrys Capital Sells Global Vantedge To Essar Group's Aegis For $22.5 Mn

It's official now. The Essar Group-owned Aegis has acquired BPO firm Global Vantedge for Rs 100 crore or $22.5 million. Global Vantedge, a 75 per cent of which is owned by private equity fund Chrys Capital, is a US-based credit and receivable management BPO.

Set up in 2001, Global Vantedge employs 1,400 people at in Gurgaon, San Jose and Costa Rica. It has operations in the banking, telecom and automobile verticals. The acquisition is the fourth by Aegis in the past one year. Global Vantedge will add over $25 million in revenues to the BPO business of the group. Aegis is scouting for more buys in the US.

It had earlier acquired Customer First and Orion in India and Technion in the US. In November 2003, Essar and Deutsche Bank had bought 80 per cent stake in Texas-based Aegis for $28 million. Later, the Essar group increased its stake in the company. Last year, Essar delisted Aegis Communications Group (ACG) from over-the-counter bulletin board (OTC BB) of Nasdaq at an equity valuation of $57.4 million.