The giant business process outsourcing (BPO) services provider company operating in India, the WNS (Holdings), has stated that it has recently acquired the UK-based auto insurance claims processing services provider company, named Call 24/7. The officials of the company have informed that the WNS would make an cash investment of about Rs 64 crore on completion of the deal and a contingent earn-out of up to Rs 12.8 crore would be determined based on certain performance metrics for the financial year, ending 31st March, 2009.
One of the top officials of the company has stated that the WNS has already bought all the shares of the Cheshire-based holding company named Chang, the Stockport, where the Call 24/7 is the key operating entity. The company is the pursuant to a definitive agreement with the shareholders of Chang and the WNS has already funded the cash payment made at the deals completion from its existing cash and cash equivalents. WNS is also expecting to fund the earn-out payment from the existing cash and cash equivalents. The official said that the company is going to integrate the Call 24/7 into a division of its subsidiary, WNS Global Services UK, named the WNS Assistance. The official added that the company would be able to extend its market leadership position in the accident claims management in the UK, with this deal.
The sources from the market have informed that both the companies like the WNS Assistance and the Call 24/7 usually provide the cost-efficient claims processing, technology and engineering and collision-repair expertise for delivering quality service throughout the accident-management process. While commenting on the acquisition, the CEO of WNS Global Services,
Mr. Neeraj Bhargava said, "Call 24/7 is a highly synergistic acquisition, and an addition to a proven business model that will strengthen our position as a leading auto claims administrator in the UK market. We are excited by the growth prospects of this deal, which we expect to be earnings-per-share accretive within the first year". The Chairman and Principal of Call 24/7, Mr. Ian E. Griswould added, "The joint experience of Call 24/7 and WNS Assistance will create a compelling value proposition for UK insurance firms".
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| Posted : 4/8/2008 |
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