Ayala acquires US-based BPO firm
March 29th 2011 - Tuesday
Philippine conglomerate Ayala Corp recently acquired American business process outsourcing (BPO) firm IQ BackOffice, marking the continuing growth in outsourcing in the South East Asian nation, as companies around the world tap a low-cost, English-speaking workforce to do their back-office work for them.
HRMall, an affiliate of Ayala-led BPO firm LiveIt Investments, acquired the Los Angeles-based IQ BackOffice, Ayala Corp. said without specifying the purchase price.
Clients of IQ BackOffice, which employs over 200 people in the United States and India, are US firms with annual revenues of US$50 million to US$1 billion. But some of its clients generate revenue of up to US$10 billion, the Philippine Daily Inquirerreported.
It has more than 30 public and private company clients, including restaurants, manufacturers and distributors, hotels, entertainment establishments, property and financial firms.