The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

US firms bring outsourcers on board


Political rhetoric in the US about the loss of service-sector jobs to India has not deterred American companies from consolidating their offshore outsourcing business in the country.

Early last month, for example, IBM announced the acquisition of Daksh eServices, India?s third-biggest business process outsourcing (BPO) company.

IBM is estimated to have paid about $160 million and the deal marks its entry into India?s fast-growing $3.6 billion BPO industry. IBM has a large IT services business in India, with more than 7,000 employees.

A few days later, Citigroup announced that it would buy the listed shares of E Serve, a BPO subsidiary, at an estimated cost of $126 million. Convergys, Electronics Data Services (EDS) and Affiliated Computer Services (ACS) are looking to acquire bits of GE Capital?s large BPO business in India.

Citigroup and GE are pioneers in the offshore BPO business in India.

Other US companies looking to set up an offshore outsourcing base in India include Coca-Cola, and Wall Street investment banks such as JPMorgan and Morgan Stanley have set up subsidiaries in India in recent years. HSBC announced in April that it would set up a new facility in India this year to provide analytical inputs to the bank?s global research work; it already has a back-end transactions processing centre located in Hyderabad.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree