The Outsourcing Week in Review (Mergers & Acquisitions): July 19, 2023

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Welcome to Inside Outsourcing: The Outsourcing Week in Review


Grab your fave of Tim Hortons beverage because there’s a whole latte brewing in the Canadian BPO scene! ☕

Infosys is catapulting Canada‘s digital landscape into the future with its expansion initiatives. From servicing federal departments to crown corporations, its new 10,000-square-foot digital HQ in Ottawa is set to accelerate digital transformation across the country’s public sector organizations. This isn’t just about expanding offices, folks — it’s about talent growth, too. IPS Canada is teaming up with local universities and colleges to recruit fresh, innovative minds. This expansion is Infosys’ most recent investment in Canada, where it plans to increase its existing workforce of over 7,000 to 8,000 by 2024.

Infosys has a rags to riches story, dating back to 1981 in India. Starting as a 7-man dream, Infosys has grown into an $18.2 billion reality, operating in 56 countries, with 260,000 staff and a penchant for sponsoring major tennis, football and F1 events. Over the years, they’ve crafted a robust suite of digital services and consulting catering to various sectors. With their recent expansions and the creation of IPS Canada, Infosys is gearing up to leave a bigger footprint on the digital terrain. Infosys ranked #8 in the Time Doctor OA500, the world’s first objective index of the top 500 outsourcing companies.

Stepping next into the spotlight is Fulcrum IT PartnersIts growth-through-acquisition strategy has it eyeing $1 billion in revenue after bagging Stoneworks Technologies, its third acquisition this year. Stoneworks, an Ottawa-based IT leader, brings $120 million in annual revenue and over 500 public sector relationships. They also tag in a lean-mean team of 25 experts who excel in IT consulting, implementation, and integration services. Fulcrum plans to meld Stoneworks’ capabilities into its own offerings while retaining the Stoneworks brand.

Meanwhile, Premier Health is taking a healthy bite of the Canadian HealthTech sector, all set to acquire 100% of Solutions Staffing Inc. (SSI) shares, a healthcare staffing agency active across Canada. This acquisition, valued at a cool C$21 million (US$15.8 million), cements Premier Health’s position as a national service provider. SSI reportedly generated revenues of C$74 million (US$55.8 million) in 2022.

Moving on to the United StatesWeaver, a Houston-based advisory firm, is flexing its muscle with its largest acquisition yet – snagging California-based HKG. This move adds 65 experts, including seven partners, to Weaver’s ranks. Weaver’s CEO, John Mackel, credits their decade-long investment fund practice as a catalyst for this significant addition. It also takes Weaver’s West Coast presence to six offices and 150 team members. Not one to stay still, Weaver has been popping up across New York, Louisiana, and now eyes expansion into Tulsa, New Jersey, Boston, and South Florida. Ending FY22 on a high note, Weaver boasted a net revenue of $197.6 million.

Gainsight, a customer success platform, has just welcomed Northpass, a digital customer education firm, into its fold. Though the financial details of the Gainsight-Northpass deal remain hush-hush, the growth and service expansion potential looks promising. Northpass, with its substantial client base of 350 and estimated revenue of $7.3 million, is sure to bolster Gainsight’s ($252.1 million projected income) offerings.

In Europe, Computest Security has made its maiden voyage towards becoming a European security titan, acquiring a controlling interest in Barcelona-based Incide. This move kickstarts Computest’s European expansion plan within Europe’s rapidly evolving markets over the subsequent three years. Cybersecurity firm Incide has an impressive portfolio of clients including prominent banks and Spain‘s IBEX35 stock index companies. Baker Tilly, a leading participant in the global M&A market, facilitated the dialogue between Computest and Incide.

Jetting over to the Philippines, we find OfficePartners360 (OP360) sprucing up Cebu City’s business landscape with a new two-floor site. This move offers 600 additional seats and a recruitment center to boot. From its 2006 inception, OP360 has been all about expansion, boasting an almost 60% YoY growth over the last 4 years. It is listed in Outsource Accelerator’s (OA) Global Outsourcing Firm (BPO) Index, a vital tool in assisting the BPO decision-making community with a broad but objective industry analysis. The firm is also subscribed to the OA Source Partner Program, a powerful tool that helps BPO firms with marketing, sales, and business intelligence.

Lastly, we’ve got Sagility announcing a nearshore operational expansion to Barranquilla, Colombia, bringing a much-anticipated 650 jobs to the country’s flourishing BPO industry. They aim to scale up to 2,000 regional employees within three years, tapping into Colombia’s impressive BPO Confidence Index score of 85.1% in 2022. With over 30,000 employees and revenues exceeding $500 million, Sagility maintains a global footprint with operations in Jamaica, the U.S., India, and the Philippines.

From North America, Europe to Asia, and over to Latin America, the BPO sector’s global footprint is expanding faster than ever!


The outsourcing M&A news this week​

14 July 2023

  • Sagility announces nearshore operations expansion to Colombia – read article..
  • Fusion Connect launches new contact center offering – read article..
  • ComputerTalk joins forces with Tethr to boost contact center performance – read article..

13 July 2023

  • Gainsight acquires digital customer education firm Northpass – read article..
  • Computest acquires Incide, targets European expansion – read article..
  • Fulcrum eyes $1B revenue with Stoneworks acquisition in Canada – read article..

12 July 2023

  • OP360 boosts Cebu presence with new site – read article..
  • SANDSIV, IAM partner for enhanced CX in Caribbean – read article..
  • Horatio partners with Loris to power customer service with AI – read article..

11 July 2023

  • Weaver acquires HKG in largest acquisition yet – read article..
  • Premier Health to acquire Solutions Staffing for C$21 million – read article..
  • Amdocs completes acquisition of TEOCO’s service assurance unit – read article..

10 July 2023

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About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.