Vendor Analysis
published on Jan 13, 2017
Report Overview:
This NelsonHall vendor assessment analyzes Intelenet's offerings and capabilities in CMS in Retail Banking.
Who is this Report for:
NelsonHall’s CMS in retail banking industry sector profile on Intelenet is a comprehensive assessment of Intelenet’s retail banking sector customer management services (CMS) offerings and capabilities, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of CMS to serve the retail banking sector and identifying vendor suitability for CMS RFPs
- Vendor marketing, sales and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the support services sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of Intelenet’s retail banking offerings, capabilities, and market and financial strength, including:
- Identification of the company’s strategy, emphasis, and new developments
- Analysis of the company’s strengths, weaknesses, and outlook
- Revenue estimates
- Analysis of the profile of the company’s CMS retail banking customer base, including the company’s targeting strategy and examples of current contracts
- Analysis of the company’s retail banking sector CMS offerings and key service components
- Analysis of the company’s delivery organization including the geography of delivery locations used for CMS retail banking sector clients.
Key Findings & Highlights:
Intelenet Global Services (Intelenet) was founded in 2001 in India as a joint venture between Housing Development Finance Corp. (HDFC) and Tata Consulting Services (TCS). In July 2004, TCS sold its stake to HDFC to focus on its own non-voice BPO services. In August 2004 Barclays Bank, a client of Intelenet, purchased TCS’ former 50% stake from HDFC for £19m. In 2007, the management team led a buyout of Intelenet (with an estimated $200m purchase price), backed by American PE Blackstone which obtained over 75% share; at the time Intelenet’s revenues were ~£37m.
On June 1, 2011, Serco, a U.K. public services company, announced an agreement to buy Intelenet for £385m (~$630m), including a contingent payment of up to £50m. The acquisition, which completed in 2012, gave Serco breadth and international reach, with Intelenet’s 34 delivery centers in seven countries. At this time, Intelenet’s revenues were ~£119m.
By the end of 2014, Serco decided to sell its international BPO business to reduce net debt and focus on government service contracts. On September 16, 2015, Serco announced the sale for £220m cash and £30m loan note to Blackstone; the deal closed at the end of 2015. Serco’s offshore BPO operations had annual revenues of ~£235m in 2015. The company was rebranded Intelenet Global Services.
Intelenet employs ~55k staff across 70 delivery centers in eight countries, supporting ~105 CMS clients in 50 languages. It provides CMS, F&A, knowledge management, and technology services such as infrastructure management. Intelenet is headquartered in Mumbai.
