In another sign of the rapid emergence of legal process outsourcing, Mumbai-based BPO company Accentia Technologies Ltd (Bombay Stock Exchange: ACCENTECH; SCRIP CODE 531897) is moving into the LPO field in a major way. According to reports from VC Circle and other news outlets, Accentia, with annual revenues of over $56 million from its business process management services in the healthcare, financial and insurance sectors, is planning to acquire several legal outsourcing companies in the next few weeks. Accentia reports that it is already in talks with several LPO firms that service clients in the U.S., the U.K. and Canada.
The company says that it will create up to 3,500 legal jobs in the next 18 months, including 500 legal outsourcing jobs. According to Ravi Sankar, Accentia's director of corporate planning: “We are in advanced stages of negotiations with a few established LPO companies, and are confident of acquiring a couple of them in the next few weeks. The acquisition will spearhead Accentia as the only major player having BPO operations in both healthcare and legal space.” VC Circle reports that "the company believes the acquisitions will also help it in expanding its operations in the US, UK, Canada, Australia and South Africa. Accentia currently has units in Portland, New Jersey, UAE in the overseas markets, besides domestic presence in Bangalore, Hyderabad, Kolkata, Chandigarh, Bhubaneswar, Trivandrum, and Koci, among others."
Earlier, Accentia acquired two companies in the U.S., two in Bangalore and one each in Kolkata, Hyderabad and Kochi. It currently has over 2,000 employees, and reportedly intends to expand its workforce to 15,000 within the next two years. The company describes itself as follows:
Accentia Technologies is a leading global provider of solutions and services to the healthcare providers in medical documentation, coding, billing and receivables management, e-publishing, data processing/warehousing. Accentia’s core strength is focused in developing itself in the healthcare segment by providing services in HRCM, ITES / IT, Medical transcription, billing coding and various related client requirements. This has helped us develop a strong client portfolio, which includes some of the best-known names in the industry.
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