Bangalore, 14 February 2005
The MphasiS BFL Group, a leading provider of IT and BPO solutions
for customer focused corporations, announced today that it has entered
into a definitive agreement to acquire Princeton Consulting, a London
based specialist consulting company, for approximately GBP 7.73
million (including cash of GBP 3.23 million in the business) in
an all cash deal. The net value of the deal adjusted for the surplus
cash remaining in Princeton Consulting is GBP 4.5 million. The transaction
is expected to be immediately EPS accretive.
Princeton Consulting, a profitable company with annual revenue
in excess of GBP 6 million, is a niche consultancy services organisation
established in early 1997. The company provides high quality, leading
edge CRM solutions and process improvement services to blue-chip
and high growth companies in the UK & other European countries.
Princeton’s areas of expertise include multi-channel Customer
Service & Support, Sales Force Management, Content Management
and Business Intelligence.
Princeton Consulting has about 100 employees and services an impressive
list of blue chip customers in UK & Europe. In 2003, it was
ranke d 7th in the Deloitte & Touche Indy 100 awards for UK’s
fastest growing companies and in 2002 it was named 54 in the top
500 survey of Europe's Most Dynamic Entrepreneurial companies.
Commenting on the acquisition, Mr. Jerry Rao,
Chairman & CEO, MphasiS BFL said, "We believe that
the acquisition of Princeton will offer us an access to business
process improvement consulting skills as well as an established
client base. Through this acquisition, we are excited to be able
to broaden our service offering for BPO and IT services in the UK
and other European markets.”
Mr. Afshin Rabbani CEO, Princeton Consulting,
said, “We are looking forward to becoming part of MphasiS’s
global team. We strongly believe that a world-class company like
MphasiS will provide us with the ability to complement our niche
consultancy skills to add value to MphasiS’ strong delivery
capabilities in BPO and IT. We will now be able to offer our clients
a more complete portfolio of services from process consulting to
complete end-to-end delivery”.