Business News

Tricom to Acquire Godrej Global Solutions

Thursday 15. May 2008 - Purchase Funded Entirely Through Internal Accruals

Tricom Document Management (Tricom), a company specializing in the electronic management of legacy and current documents for a global clientele, has announced the acquisition of Godrej Global Solutions Ltd (GGSL) by its parent company, Tricom India Ltd., subject to approval from the shareholders. GGSL is a subsidiary of Godrej Industries Ltd, and a global BPO solutions and services company.

GGSL is headquartered in Mumbai, India, and provides services in three primary enterprise areas: healthcare, data capture and data conversion. GGSL provides document solutions from its offshore service delivery centers at Chennai and Navi Mumbai, while maintaining onshore offices in Minneapolis, MN and Boston, MA. In acquiring full equity in GGSL, Tricom will provide an initial cash payment, with the remainder of the transaction to be funded through optionally fully convertible debentures.

Commenting on the acquisition, Sanjay Tipnis, managing director, GGSL, said, “We are looking forward to exploring synergies as both companies are focused in similar areas of business. We believe that by using the additional infrastructure that Tricom provides we will be able to grow faster and service our clients more efficiently.”

“Acquisitions are a part of the growth strategy for Tricom, and we hope to continue to grow both organically and inorganically,” stated Chetan Kothari, managing director, Tricom India Ltd. “Post acquisition, the core team of GGSL will continue to function in their respective positions and capacities.”

Sameer Sheth, Tricom Vice President of North American Sales, added, “GGSL’s expertise in the areas of claim processing and medical billing reinforces the strength of our North American operations. This acquisition increases our employee level to more than 3,000, and their facilities in Chennai add a fresh location from which to provide enhanced services to our clients.”