Gold near $1,700 on Greek debt restructuring
Guess which index is surging on MCX' stellar 35% listing

Money Mar 9, 2012

Chart: Why Mahindra Satyam is a star performer today

By Firstbiz Staff

Mahindra Satyam jumped 3.2 percent to Rs67.75 per share on the exchange today after it said that it has acquired a 100 percent stake in Delhi-based BPO firm vCustomer's international operations for $27 million.

This makes it the first acquisition by the company after it became a part of the Mahindra Group and marks the entry of the Mahindra Satyam's BPO operations into other verticals like Retail and Consumer technology in addition to enhancing its technical support credentials, it said in its press release.

Mahindra Satyam (8.3%) has outperformed the Sensex (-5.9%) in the last one year.

"This is a landmark moment in Mahindra Satyam's resurgence and reflects our investment appetite to enhance domain depth and global scale, across diverse verticals. The focus and operations of vCustomer maps perfectly with our global operating model - allowing for seamless integration and smooth transition of processes and associates", said C P Gurnani, CEO, Mahindra Satyam.

The company, which is headquartered in Kirkland, Washington was founded by Sanjay Kumar, Founder and Chief Executive Officer. Commenting on the acquisition, Kumar said that "vCustomer has harnessed formidable expertise and a diversified geographical presence across the retail and consumer technology sectors. Mahindra Satyam's synergy and commitment to investment in business growth will spur growth plans and help build ner service offerings".

vCustomer has a total workforce of 4,000 employees and caters to 75 global clients including Fortune 500 brands and 10 compelling technology start ups.

For the nine-months ended December quarter, Mahindra Satyam had reported a 25.47 percent rise in sales to Rs4729 crore while net profit rose by 325 percent to Rs773.8 crore. As of the September quarter results, the company was sitting on cash of R s2,334 crore.

by Firstbiz Staff

Related Stories.