UDS acquires majority stake in Athena BPO

Updater Services Limited ('UDS'), a Chennai-based business support services firm, today announced that it has acquired a controlling interest in Athena, a BFSI tele sales BPO. This acquisition will add to UDS' competencies in the business services space, and also drive synergies between other portfolio companies of the group. The investment will also enable Athena's geographical expansion and help it turn global in its outlook.

Incorporated in 1993, Athena is a BPO service provider across the BFSI segment, and also has a presence in consumer and telecom verticals. The company has demonstrated capabilities in business development across multiple products.

Speaking about this investment, Raghunandana Tangirala, [Founder, CEO and Managing Director] of Updater Services, said, "Athena is a growing organization, catering to one of the high growth industries, with its wide range of products, driving results for its clients. We are thrilled to partner with a credible player in this field. UDS believes in driving growth through strategic partnership and in Athena, we have found a partner that will help us capture the growing tele sales industry potential."

Elizabeth Jacob, Founder and MD of Athena, said, "UDS' investment in Athena is a testament to the focused and customer centric company that we have built with our team, service portfolio, client relationships, and ability to generate growth. This also reflects our future and ability to deliver results. We are excited to welcome UDS on board as their experience in scaling companies will be invaluable in our next phase of growth."

Altamount Capital was the financial advisor and Phoenix Legal and IC Universal Legal were the legal advisors to the transaction.

Athena is India's telesales BPO, offering its services to Banks, NBFCs, Insurance companies, consumer durable companies and telecoms. It has a team base of over 4500 employees, who cater to new business development and after-sales service requirements. The company has built a customer base of leading Banks and Insurance companies.

UDS is a company that currently caters to clients across industries such as manufacturing and engineering, banking, financial services and insurance ('BFSI'), healthcare, information technology/information technology-enabled services sector ('IT / ITeS'), automobiles and ancillaries, logistics and warehouse management, airports, railways and infrastructure. UDS' business support services include sales enablement, mailroom management, employee background verification, audit and assurance, warehousing solutions, airport ground handling services, warehousing management, institutional catering, washroom and feminine hygiene care solutions, monuments management services and general staffing.

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( With inputs from ANI )