Sri Lanka’s John Keells Buys 44% Stake in Indian BPO

The Sri Lankan conglomerate John Keells Holdings (JKH) has acquired a 44% stake in the Indian BPO giant, Quatrro Finance and Accounting Solutions, for $5.72 million, JKH announced on Wednesday.
The deal values Quattro, a company founded by Indian BPO pioneer Raman Roy, at $13 million. Through the acquisition, JKH hopes to make Sri Lanka a major international resource base for finance and accounting solutions, exploiting the proven skills of Sri Lankans in finance and accounting.JKH, among the biggest and most diversified companies in Sri Lanka, entered into a partnership with the Indian company in 2006 to develop the BPO market in the Asian region, with initial focus on India and Sri Lanka.
In 2006, it had revenues of Sri Lankan Rs. 30 billion ($277 million).Quatrro F and A plans new service lines, geographies and business models in business process outsourcing. The range encompasses risk management and fraud, technical support, market research, knowledge services and mortgage processing.
The company has clients in North America, Europe and Asia.Quatrro F and A gained a foothold in the U.S. market by acquiring the Chicago-based Financial Process Outsourcing LLC (FPO) in a structured financial deal using a combination of debt and equity. FPO is a niche player in F and A outsourcing, focusing on small and medium enterprises. It currently has about 500 employees working in Mumbai and the U.S.