BPO provider iQor Holdings buys RMS to increase its market share in Accounting BPO
November 1, 2010
NEW YORK, Nov. 1, 2010 (GLOBE NEWSWIRE) — iQor Holdings Inc., a global provider of business process outsourcing (BPO) services, has acquired RMS, a leader in business-to-business accounts receivable outsourcing services. Huntsman Gay Global Capital, which last month announced a majority investment in iQor, is making an additional equity investment and will retain a majority position in the company. Citi Venture Capital International (CVCI) has made an investment in iQor. Starr International Company, Inc., through one of its subsidiaries, is also adding to its investment in iQor. Guggenheim Partners is providing debt financing for the transaction. The terms of the transactions were not disclosed.
RMS was spun off from Dun & Bradstreet in 2001 and is one of the largest commercial accounts receivables management (ARM) companies in the world, with 3,000 employees in the U.S., Canada, Hong Kong, India and Mexico.
“The acquisition of RMS extends our reach from the business-to-consumer ARM market into the business-to-business ARM market,” said Vikas Kapoor, President and CEO of iQor. “It expands our service offering, and allows us to use our award-winning teQ21 technology to create the world’s premier Finance BPO firm.”
“We believe iQor has developed technology which is well ahead of the competition,” said Bob Khanna, Managing Director of CVCI. “We look forward to working with Vikas and the combined iQor and RMS management team to build a leading global BPO business.”
“RMS has a blue-chip client base that complements and extends iQor’s client profile, and iQor’s innovative business processes and workforce tools will ensure these clients receive the industry’s most effective service,” said Gary Crittenden, Managing Director of Huntsman Gay. “The acquisition will also expand iQor’s global footprint in Asia and into Latin America, allowing clients to take advantage of a broader set of skills and labor markets across the world.”