Business Process Management (BPM) services provider One Point One Solutions Limited has completed the first tranche of acquisition in ITCube. The company has informed exchanges that it has acquired a 76 per cent stake in ITCube. With this, ITCube has become a subsidiary of the company. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

"1st tranche of acquisition of 76% stake of ITCUBE has been completed today i.e. March 1, 2024 and consequently, ITCUBE has become a subsidiary of the Company," the company said in a filing. 

Earlier, the company said it is expanding its global footprint through majority stake acquisition in ITCube. According to One Point One Solutions, the acquisition will enable the company to expand its current verticals, including healthcare and offerings in IT services. 

The consolidated turnover (revenue from operations) of IT Cube Solutions - an IT + BPM/KPO services company headquartered in Pune and Cincinnati, Ohio -   for the financial year ended March 31, 2023, was Rs 53.57 crore with an EBITDA of Rs 12.15 crore.

"This strategic move represents more than just an expansion of our business—it signifies our commitment to Innovation, Growth, and Solidifying our presence on the Global stage. IT Cube Solutions brings a wealth of expertise and experience in IT + BPM/KPO services, with a strong foothold in Pune and Cincinnati, Ohio," Akshay Chhabra, Managing Director, One Point One Solutions, had said.

India is one of the preferred destinations for setting up Global Capability Centers (GCCs). The IT Industry pegged at 7.4 per cent of India's GDP, is projected to be 10 per cent in 2025. Besides, India accounts for 40 per cent of global sourcing spending.