CSS Corp is considering complementary acquisitions to improve its offerings: CEO
Global customer experience and technology services provider CSS Corp plans to make complementary acquisitions to enhance its offerings and reach new customers, said CEO Sunil Mittal.
An integrated acquisition refers to a larger company absorbing another organization, which is usually smaller, and integrating it into its own platform.
CSS Corp, which is considering an IPO in late 2023 as a stand-alone company, counts India as one of its largest talent base with a workforce of around 6,000 employees.
Speaking to PTI, CSS Corp CEO Sunil Mittal said the company is interested in inorganic growth options and is considering complementary acquisitions to improve its offerings and attract new customers.
âWe are looking at companies with revenues between 30 and 80 million USD in terms of revenue ticket volume and we may be considering a few of them, incorporating acquisitions in various lines. on duty. If you look at our strategy in the digital engineering space or in the cloud and data center space or in the customer experience space, those are the three focus areas, âhe said. -he explains.
Mittal said the acquisitions should either bolster CSS Corp’s skills or help it gain exposure to a newer industry like healthcare.
âWe are not looking to make acquisitions just to increase our sales or our margins. Our organic growth is already very important in the industry … and / or exposure to new sectors, âhe added.
Mittal said e-commerce will also be an area of ââfocus.
âThe other area we want to focus on is all of e-commerce, internet based business model companies, SaaS. This is where the future lies. We want to expose ourselves to growing sectors which are the future, âhe added.
The company plans to hire approximately 1,300 people in India at various campuses over the coming year, in line with the strong growth momentum it is experiencing. Of its 10,000 employees, around 6,000 are in India.
In February of this year, Capital Square Partners (CSP) – a Singapore-based private equity fund manager and majority shareholder of Startek – acquired a controlling stake in CSS.
At that time, Startek – which competes with CSS Corp – said it participated in this transaction by contributing a total of US $ 30 million in a limited partnership managed by CSP to acquire both an indirect beneficial interest in ‘approximately 26 percent in CSS, as well as an option to acquire a controlling stake.
CSS Corp recorded 25% growth in FY21 and expects to do better than FY22.
Mittal said the company is well positioned for growth in the years to come.
“… we have enough bookings and contracts signed, which allows us to continue this momentum over the next few quarters … We will end this year at an annual rate of approximately $ 225 million”, a- he declared.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
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