HOV Services to take control of Tracmail & SAM Holdings

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HOV Services (NSE: HOVS) will take control of TRAC Holdings, LLC (Tracmail) and SAM Holdings, LLC ("SAM" or "Superior Asset Management") and invest $3.74 mn to acquire its 30% interest in Tracmail and SAM. The two Companies combined are expected to deliver in excess of $17 million (over Rs. 75 crores) profitable revenues for FY' 08. 

Recently, US-based private equity fund manager, HandsOn Ventures, LLC, acquired a 100% stake in premier Business Process Outsourcing (BPO) companies - Tracmail and Superior Asset Management Inc through its acquisition fund, Rustic Canyon, LLC ("Rustic"). HOV Services will acquire its 30% interest at cost from Rustic, paying a total of US $3.74 million (about Rs 17 crores). HOVS has taken control and will manage the acquired companies; also HOVS has an option to purchase the remaining 70% that it does not own. 

Tracmail pioneered the Accounts Receivables Management vertical in India since inception in 1999. Tracmail services some of the largest companies in the world from its headquarters in Vashi. The current employee strength of more than 450 employees most of whom are located in Vashi in a 67,000 square feet office will be further increased up to 1100 employees under HOVS to support growth of both companies. 

SAM ranks in the top category by many of it's of US clients that include major banks and telecom companies with many years of successful ARM services. SAM Headquartered in Atlanta, Georgia, USA since inception continues to provide clients with cost-effective, flexible, scalable solutions helping clients leverage, the power of outsourcing year over year with a expanded global footprint with HOVS and TRAC. 

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