WNS's CEO, Keshav Murugesh, stated "The acquisition of an established player like Fusion brings a new and highly leveragable asset to WNS. Expanding our global delivery footprint and entering emerging growth markets are key pillars of our investment strategy. We believe that establishing operations in South Africa addresses both of these objectives. WNS currently has several existing and prospective clients interested in having services delivered from South Africa to take advantage of the English language capabilities, skilled talent pool and strong cultural work ethic. Longer term, we view this growing economy as an exciting end-market user of global BPO services, especially in the areas of finance and accounting and insurance-specific services. We are pleased to welcome the Fusion team into the WNS family, and look forward to working together to take the company to greater heights."
"We are thrilled to become a part of a vibrant and growing global organization like WNS," said Johann Kunz, Fusion's Managing Director. "We are proud of the solid foundation and reputation we have been able to build, and look forward to becoming an integral part of WNS's global strategy going forward."
The acquisition of the shares of Fusion from BFSL Limited, part of UK-based BGL Group of companies, is effective June 21, 2012, and cash consideration for the transaction was UK£10 million plus adjustments for cash and working capital. The transaction is expected to be funded from cash on hand, with approximately half of the consideration paid at completion and the remainder payable in tranches on or before May 31, 2013. Based on Fusion's existing book of business, the acquisition is expected to contribute incremental revenue of $9 million - $10 million for WNS in fiscal 2013. WNS expects the transaction to be neutral to adjusted earnings per share in fiscal 2013, and accretive in fiscal 2014. |
