Offshore business process outsourcing company ICICI OneSource has acquired US-based consumer collections agency Account Solutions Group.
Bangalore-based ICICI OneSource will pay an undisclosed sum for Account Solutions Group (ASG), which is based in New York and employs some 500 people providing collections, customer acquisition, billing and customer service, and counts credit card giant Capital One among its key customers.
ASG reported revenue of $25.1 million for its full year ended December 31, 2003. Following the takeover, ASG’s president and CEO Tony Friscaro will head up ICICI’s collections business.
ICICI ranks as the third largest BPO provider in India behind GE Capital International Services and Wipro Spectramind, The acquisition will boost ICICI’s current headcount to over 4,500 employees, across five centers in Mumbai and Bangalore, India, and its new location for collections in the US.