Services and consulting firm Serco today signed an agreement to acquire Indian BPO company Intelenet for up to GBP 385 million (Rs 2,772 crore).

Under the share purchase agreement, the total acquisition cost, including assumption of existing debt, is up to GBP 385 million (Rs 2,772 crore). This includes contingent cash payments of up to GBP 50 million (Rs 360 crore) through to December, 2013.

"The acquisition of Intelenet supports our ambitions as a leading global service company. The international BPO market is growing quickly as companies seek out new ways to improve their service and reduce costs," Chris Hyman, the Chief Executive of Serco, said in a statement.

Intelenet was founded in 2001 as a joint venture between TCS (Tata Consultancy Services) and HDFC (Housing Development Finance Corporation). In 2007, a management buy-out was completed, resulting in the business being majority owned by Blackstone Group, together with Barclays, HDFC and Intelenet's management team.

For the year to March 31, 2011, Intelenet's revenue was approximately GBP 170 million (Rs 1,224 crore) and adjusted operating profit, before the amortisation of intangibles arising on acquisitions, and acquisition transaction costs stood at GBP 19 million (Rs 136.8 crore).