STI buys Symphony Data for $7.5 million

STI buys Symphony Data for $7.5 million Intends to ramp up its 800 employees, to 1,500 in the next 18 to 24 months time.

Friday, February 25, 2005

HYDERABAD: Atlanta-based healthcare BPO services company STI knowledge has acquired Hyderabad-based Symphony Data, another healthcare BPO services company, on a cash and stock basis. The deal that was closed at $ 7.5 million will help integrate STI and Symphony Data's capabilities in a blended shore model.

Announcing the deal, STI CEO Satish Sanan said, "The acquisition was integral to offer healthcare administration, claims processing, customer interaction, technical help desk and other vertical industries knowledge-based services through a blended-shore delivery model."

It is expected that by combining forces with Symphony Data, STI can offer on-shore, off-site and off-shore BPO services providing more delivery options to accommodate all customer needs and budgets.

"We are pleased to be a part of STI. We look forward to being part of a larger, stronger global BPO services organization to offer our capabilities to deliver the highest level of benefits to our clients," said Symphony Data COO Ram Davaloor.

Presently, the company has around 800 employees, which would be ramped up to 1,500 in the next 18 to 24 months time. This apart, the company also intends to appoint a CEO to head the Indian operations within the next 60 days. Besides, the company has also chalked out plans to be a $35 to $100 million company in the next two years.