e4e Inc has announced that it has taken controlling interest in iSeva Inc, a business process outsourcing company with Indian operations headquartered in Bangalore.
This is part of e4e's overall strategy of expanding its business services offerings to enterprise customer.
iSeva was started in November 1999 as one of the first end-to-end BPO companies with operations in India.
The company has grown profitably over the last four years and has established itself as a domain specific and industry focussed company with significant expertise in industries including mortgage processing, banking and high technology.
It has a workforce of over 800 and provides BPO services to clients in the United States, United Kingdom and India.
"Acquiring a controlling interest in iSeva is an important part of our plan to provide value added business service on tap. We have set aside adequate capital to support the growth plans of the company," Somshankar Das, chairman of iSeva Inc and the CEO and president of e4e Inc, said.
As part of the increased ownership, e4e Inc has reorganised the board and management structure of iSeva Inc.
The board has appointed Vaibhav Tewari as the new president of iSeva Inc, and a as member of the new board. Tewari has been the managing director iSeva India for the past four years.
Deepak Sircar, the former CEO, has left the company to pursue other interests. Dr Sridhar Mitta, managing director of e4e India and Murrali Rangarajan, chief operating officer of e4e Group have also been appointed to the Board of the company.
According to Rangarajan, "iSeva is a critical foundation piece to our overall BPO strategy currently focussed on mortgage business processing and customer service outsourcing. Over time, we seek to grow our BPO offerings from mortgage processing to cover other areas including loan / asset management, retail and wholesale banking back office operations, servicing and payment processing. We will also bring to market proprietary technologies that will enable customers to realise lasting savings and fundamental shifts in their business economics."
On the developments at iSeva, Tewari said, "iSeva has made great progress in the last four years because of our operational excellence and domain focus."
"With enhanced capital availability from e4e Inc, we will accelerate our efforts and increase our presence in the global BPO market place," he added.
