Indra Sistemas SA, Spain’s largest IT services provider, has taken full control of local business process outsourcing provider BMB in a deal valued at 32m euros ($42m).
Under the terms of the deal, Indra will acquire the 50% of BMB it did not already hold. Indra first picked up a stake in BMB in April 2001 and reached 50% ownership four years later. In total, Indra has paid 50.3m euros ($65.9m) for ownership of BMB.
Founded in 1995, BMB provides BPO services to the financial services sector, including mortgage and loan processing. The company has been growing at an average rate of 36% per annum over the last five years and is expected to record sales of about 60m euros ($78.6m) in 2007.