Aditya Birla Minacs, a global business solutions company, today announced the acquisition of UK-based Compass BPO Ltd, a leading pure-play end-to-end Finance and Accounting (F&A) services provider.
Compass BPO has appeared in the top 15 upcoming F&A BPO players in a recent Gartner(TM) report. It was also cited in the Top Offshore BPO providers by FAO Today magazine(TM), and in the 'Global Services 100 - 2008 list' by NeoIT(TM) and Global Services(TM).
Through this acquisition, Minacs will take over all the operations of Compass across the UK, US, Middle East and in India, bringing Minacs' F&A employee strength to 600. The founders of Compass - David McCullough and Mark Atkins - will join Minacs' management.
This announcement comes close on the heels of Minacs' recent inauguration of its new Global F&A Center of Excellence in Chennai. Its end to end F&A services portfolio now includes transactional accounting, knowledge based services (e.g. financial planning and analysis, research, budgeting/ forecasting and reporting), risk support services, business solutions (implementation and Hosting/ DBA services) and IT-based financial solutions and services.
Commenting on the deal, Deepak Patel, CEO - Aditya Birla Minacs says, "With Compass forming the core of Aditya Birla Minacs F&A, we are now strongly positioned to be an integral part of our clients' core processes. Compass is already a highly respected force in the F&A space with the full spectrum of capabilities. With 10 years of operations, it has excellent client credentials, a highly qualified team, and strong domain expertise. This move is part of our strategic roadmap, and brings to Minacs significant credibility in the fast growing F&A business."
David McCullough, CEO - Compass BPO said, "We at Compass are excited at the opportunities for accelerating growth by leveraging Minacs' global platform. Our best-in-class F&A expertise and value-added business solutions will bring great advantages to Minacs' Fortune 500 client base. We are also delighted to be part of a team that is known for its heritage of long term partnerships with clients."
Minacs has invested significantly in developing new capabilities in the recent past. F&A is a key focus area, including deployment of proprietary point solutions, which integrate with any ERP, allowing easy F&A process transition, client control and transparency. Similarly, Compass BPO provides business intelligence solutions for financial analysis and reporting enabling clients to make quick and informed business decisions.