TROY, Mich. (May 2, 2011) - HOV Services, Inc (HOVS), a leading provider of business process outsourcing (BPO) and Knowledge Process Outsourcing (KPO), today announced that it has completed its previously announced merger with SOURCECORP.
Suresh Yannamani, President, commented, “This is an exciting step in the evolution of HOV Services. The merged company, through additional scale and a more diversified package of market ready solutions, will be in a position to increase our value to our current and prospective customers.”
Combined, the company is one of the largest end-to-end BPO and specialty consulting companies in the industry, serving customers in more than half of the Fortune 100® with deep domain expertise, including document centric applications, in Healthcare Payer and Provider, Finance and Banking, Public Sector, Publishing, Legal, Insurance, Government, Manufacturing and Commercial industries, including specialized consulting services for construction management, tax benefits, legal claims settlements and econometric consultancy. With the combination, the company’s global workforce is now more than 14,200 employees strong, operating from approximately 80 delivery centers in 6 countries around the world.
Mr. Yannamani, further states, “We are also excited to announce the new name of the combined enterprise, SOURCE HOV, which reflects the union of the two companies and its expanded capabilities.”
The combined company has entered into a new $625 million senior secured credit facility consisting of a $350 million first lien term loan, a $200 million second lien term loan and a $75 million revolving credit facility.
About HOV Services
HOV Services Limited, one of the largest end-to-end BPO companies headquartered in Chennai, India, provides Finance and Accounting services in the BFSI, Healthcare, Government, Telco, Publishing, Retail, Commercial and Industrial Manufacturing industries. Its clients include over 50 percent of the FORTUNE 100® and are some of the largest companies in the industries served. RightShore delivery centers are strategically located in India, North America, China, Canada and Mexico with over 8,800 associates working together to Exceed Expectations® of our clients. For more information about HOV Services, please visit www.hovservices.com.
SOURCECORP, Incorporated provides business process outsourcing solutions and specialized high value consulting services to clients throughout the U.S. SOURCECORP leverages deep horizontal process knowledge into information-intensive industries including commercial, financial, government, healthcare, and legal. Headquartered in Dallas, SOURCECORP serves clients throughout the United States through a network of locations in the U.S., Mexico, India and the Philippines.
For more information about SOURCECORP’s solutions, including case-study examples, visit the SOURCECORP website at www.sourcecorp.com.