British investor puts $50 Million into Ayala outsourcer
A foreign private equity firm has infused $50 million into Integreon Philippines, an Ayala-led outsourcing outfit, to help the latter expand its operations.
In a press briefing yesterday, Integreon President Erik Tabuena said the United Kingdom-based Actis would get two seats on the board of Integreon as a result of the investment.
“We are going to pursue expansion plans and part of the investment would go to a planned second site here in the Philippines. It [will] fund our growth initiatives and fuel market growth,” said Mr. Tabuena.
Integreon is planning to double its work force of 200 here in the Philippines and 2,000 around the world, he said. A new Integreon building will be built in Metro Manila, Mr. Tabuena said.
With the entry of Actis, listed conglomerate Ayala Corp.’s stake in Integreon will drop to 56% from 86%. Ayala Corp. will keep three seats on the board. An Integreon nominee and an independent director will occupy two seats.
Fred I. Ayala, chief executive of Ayala’s business process outsourcing (BPO) investment arm LiveIt Solutions, Inc., said the company continues to regard the BPO sector as a good area for investment.
Integreon, a “knowledge process outsourcing” firm, has four businesses, all of which are offered by the company’s site in the Philippines -- document services, legal services, analytics, and business services. Business services is a “growth area” for the company, Mr. Tabuena said.
Integreon revenues have grown by 83% “since 2006 to an $89-million revenue run rate in [the fourth quarter of 2009],” an Actis statement said.
Clients include Microsoft and law firms Clifford Chance and DLA Piper US LLP.
The company also has operations in London, Los Angeles, New York, Fargo in North Dakota, Mumbai, and New Delhi.
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