SourceHOV Welcomes Citi Venture Capital International As New Equity Sponsor with HandsOn3 Collaboration of CVCI Private Equity and HandsOn3 will drive expansion of SourceHOV's technology-enabled BPO and KPO solutions
DALLAS, April 30, 2013 /PRNewswire/ -- SourceHOV, a leading provider of Business Process Outsourcing and Knowledge Process Outsourcing solutions, today announced that Citi Venture Capital International (CVCI Private Equity) has completed its purchase of the ownership interests of affiliates of Apollo Global Management, LLC (Apollo) (NYSE: APO) and certain minority holders in SourceHOV. CVCI Private Equity is investing in SourceHOV as an equity sponsor with HandsOn3, LLC (HandsOn).
The combination of CVCI Private Equity and HandsOn positions SourceHOV for accelerated growth through industry leading advice and support from these tenured investment teams with specialized technology and service industry experience.
Cleary Gottlieb Steen & Hamilton LLP acted as the legal advisor and Jefferies acted as M&A advisor to CVCI Private Equity. Morgan Stanley acted as M&A advisor and Willkie Farr & Gallagher LLP acted as legal advisor to HandsOn. Akin Gump Strauss Hauer & Feld LLP acted as the legal advisor to Apollo and SourceHOV. Credit Suisse acted as M&A advisor to the selling stockholders. Morgan Stanley, Credit Suisse, Guggenheim Partners and UBS arranged the debt financing. Terms are not disclosed.
CVCI Private Equity is a leader in international private equity investing, and currently manages over $7 billion in equity investments and committed capital. CVCI Private Equity has an internationally integrated investment team with over 50 professionals worldwide and a local presence in New York, Singapore, Mumbai, New Delhi, Hong Kong, London and Santiago. CVCI Private Equity has made investments of over $1.2 billion in 13 different Business Services and Cross-Border Outsourcing companies. The team has an established track record of success in this sector and a global perspective of the trends and drivers in the industry. Over the last decade, funds and entities advised by CVCI Private Equity have invested in Business Services and IT Services companies in China, the U.S., India, Israel, Mexico and Korea.
SourceHOV Holdings, Inc., with approximately $525 million in revenue, is one of the largest pure play BPO and KPO companies in the industry, serving customers in more than half of the Fortune 100® with deep domain expertise, including document centric applications, in Healthcare Payer and Provider, Finance and Banking, Public Sector, Publishing, Legal, Insurance, Manufacturing and Commercial industries, including specialized consulting services for construction management, tax benefits, legal claims settlements and economic consultancy. The company's global workforce is more than 12,600 employees operating from over 80 delivery centers in the U.S., Mexico, Canada, India, China and the Philippines.
For more information about SourceHOV's solutions visit our website at www.sourcehov.com.
Chief Marketing Officer
SOURCE SourceHOV Holdings, Inc.