IL&FS Investment Managers Ltd has acquired a minority stake in Datamatics Technologies Ltd, a Mumbai-based third-party business process outsourcing company, for an undisclosed sum.
The amount raised from IIML, a division of IL&FS, would be utilised to fund overseas acquisitions, IL&FS said in a release on Monday.
Sources close to the deal said IIML had paid around $3 million for the minority stake.
IL&FS invested in DTL owing to its emergence as the largest third party pure-play BPO in the country after its acquisition of CorPay Solutions Inc in an all cash deal, which was funded through internal accruals, it said.
IIML vice-chairman Shahzaad Dalal said: "We believe there is tremendous growth potential for DTL as it is at the forefront of the BPO wave. The robust order pipeline coupled with DTL's domain expertise and roster of clients will ensure shareholder wealth creation."
The investment is in line with our overall strategy of investing in mature companies in technology space, he added.
IIML has invested Rs 30 crore (Rs 300 million) in three BPO companies to date, each specialising in different segments. It currently has approximately Rs 800 crore (Rs 8,000 million) funds under management.
DTL, which operates in publishing, finance, accounting, human resources, insurance and healthcare domains, has also increased its stake in Saztec, United States, from 47 to 100 per cent. It plans to concentrate on growing both organically and inorganically, for which it may raise additional funds, including the IPO route.
