BPO services provider EXL Service Holdings, after its failed bid for Aviva Global Services, is now said to have closed in on a $50-200 million acquisition.
Recently, EXL lost out in its bid to acquire Aviva Global Services, which was sold after a tough bidding process to its competitor WNS Global Services for $228 million.
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Rohit Kapoor, chief executive, EXL, said the buyout will help the company to reach out to insurance clients in the UK.
"We have some companies that are in the pipeline and we are pretty close to the acquisition and an agreement would be signed soon," Kapoor said.
He further added that companies that are in its crosshairs are from insurance, banking and financial services sectors. Kapoor said these firms are attractive for the company as they complement their business verticals.
"From our point of view, any acquisition within the $50-200 million range is attractive," Kapoor said.
EXL has $100 million cash on its balance-sheet and would raise some additional amount through debt and equity to fund its acquisitions.
"The $100 million is entirely for acquisition," Kapoor said.
Aviva, before the WNS buyout, had an agreement with EXL that restrained the BPO firm from acquiring any of the top five competitors of Aviva in the general insurance and life insurance sector.
"With the limitation gone, we can now look at other insurance companies," he said.
The New York-based firm is also looking at acquiring firms in India to grab the domestic outsourcing revenue pie