Office Tiger plans what it calls “aggressive growth” with the funding. Co-CEO Randolph Altshuler said in a statement that the round would fuel “continuous growth in the U.S. and Europe through capital improvements, acquisitions and strategic alliances.” Fellow co-CEO Joe Siegelman told a technology magazine that the Office Tiger was planning to acquire a finance and accounts outsourcing company for between $20 million and $30 million. Office Tiger raised $4 million in 2001 from Elwin Capital Partners, according to Thomson Venture Economics (publisher of PE Week).
Neil Garfinkel and David Golob, partners with Menlo Park, Calif.-based Francisco Partners, have joined the company’s board. Francisco Partners declined to comment.
The outsourcing company, which also has offices in London, provides services through facilities located in Chennai, India. It counts U.S. and U.K.-based administrators, financial service firms, investment managers and law firms among its clients. Office Tiger has 1,700 employees and expects to have 2,400 by the end of the year. It expects to add more than 1,000 professionals in 2005.
San Jose-based research firm Gartner says it expects offshore BPO spending to reach $3 billion this year, a 65% increase from $1.3 billion in 2003. The firm also predicts that that offshore BPO will comprise 2.3% of the total BPO market.
Other BPO companies that have raised private equity capital this year include Pittsford, New York-based Sutherland Group, which raised $30 million in Series A funding from Oak Investment Partners. London’s Williams Lea took $29.1 million from 3i’s buyout-focused Eurofund IV. And AdvanTech Solutions of Tampa, Fla., raised $26.2 million from Trident Capital, Wachovia Capital Associates and individual investors.
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