Ananda Mukerji

New Delhi : ICICI OneSource, one of the country’s leading business process outsourcing (BPO) companies, announced on Sept. 8 the acquisition of a 51 percent stake in a U.S. firm Pipal Research.

The acquisition will give both companies significant synergies in business development, said a statement issued by Mumbai-based ICICI OneSource here. It, however, did not give financial details of the deal.

“It (the acquisition) adds new capabilities to ICICI OneSource’s business process solutions bouquet and helps Pipal Research pursue an aggressive growth in a strategic market segment,” said the statement.

Illinois-based Pipal Research specializes in providing high-end customized business research, analytics and information services.

“This is a part of our strategy, to constantly add new capabilities and widen our service offering,” said Ananda Mukerji, managing director and chief executive officer of ICICI OneSource.

“As business and information research is becoming highly specialized, the world’s leading companies are recognizing the value in outsourcing it to experts,” he added.

“Our stake in Pipal will give us strong capability in this field and this would translate into added value for our customers,” Mukerji said.

Manoj Jain, CEO of Pipal Research, said: “Through the acquisition, we will leverage ICICI OneSource’s financial strength and brand equity to build on our success.”

Pipal Research provides services to the financial services, pharmaceuticals, biotechnology, utilities and information technology sectors.

The company’s clients include investment banks, commercial banks, accounting firms, management consulting firms, consumer finance companies and law firms.

ICICI OneSource has some 4,000 employees across five offshore delivery centers in Bangalore and Mumbai and marketing teams in the U.S. and Britain.