Spain-headquartered business process outsourcing (BPO) company Accelya has acquired a 35.61 per cent stake in Kale Consultants, a Mumbai-based information technology services and solutions company, for around Rs 97 crore. The deal valued each share of Kale Consultants at Rs 172. Accelya bought the stake from the promoters of Kale Consultants.

Kale Consultants’ shares today closed two per cent higher at Rs 142.70 on the Bombay Stock Exchange (BSE). The shares had touched an intra-day high of Rs 147. 

Also Read   Related Stories News Now - Uniform must for cab drivers of IT-BPO firms - Firstsource inks outsourcing deal with Axis Bank - Infy's US strategy caught between aspiration and reality - TCS No.2 insurance BPO service provider in UK - TCS arm wins 250 mn pound UK contracts - A driver of growth

Also Read   Related Stories News Now - Markets erase morning gains - Welspun India surges on Open Offer at Rs 54 per share - Munjal Showa soars on robust Q4 results - Oil rebounds above $90 in Asian trade - First test flight of Dreamliner for Air India successful More

Vipul Jain, chief executive officer and managing director of Kale Consultant, will continue to head the company. "The promoters (Narendra Kale and Vipul Jain and family) have exited the company. But I will continue to head the firm. Rather, I will be investing some of the proceeds from the sale into the holding company," said Jain.

The deal is expected to help Kale reach a wider market and drive growth faster. "With this, Kale, along with Accelya, becomes the leading player in the airline and aviation sector. Accelya processes 55 per cent of the global tickets sold through agents. For us, this is a strategic move," said Jain.

Accelya, a $80-million (around Rs  370 crore) BPO service provider to the airline and travel industry, has delivery centres in Spain, Mexico, South Africa, France, the UK, Tunisia, Portugal and Hungary. In 2009, Accelya had processed over 170 million airline tickets on behalf of the International Air Transport Association in 80 countries, with over 600 employees.

Founded in 1986, Kale is one of the few mid-sized Indian IT firms serving customers in the airline, logistics and travel industries. For the June quarter, the company reported a net profit of Rs 5 crore and a revenue of Rs 33.5 crore. For 2009-10, the company had reported a revenue of Rs 165.9 crore and net profit of Rs 26.29 crore. The company has 1,500 employees.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Markets erase morning gains - Welspun India surges on Open Offer at Rs 54 per share - Munjal Showa soars on robust Q4 results - Oil rebounds above $90 in Asian trade - First test flight of Dreamliner for Air India successful

Tags : BPO | Accelya | Kale Consultants | Bombay Stock Exchange | Vipul Jain |   Read Business news in  Advertisements -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  Journey on, We are by Your Side. Click here to know more -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  The Best Seller is Also the No. 1 in Mileage. Click here -  Watch The Film Here. Click here to know more.. -  Leader in Passenger Car & Automobile Tyres. Click here -  1 billion in saving for Unilever without any tangles. -  One Partnership Endless Possibilities. Click here to know more -  Helping doctors detect diseases earlier, saving costs & extending lives. -  36 Lakhs can get you a pool of Luxuries. Click here -  Which is the best plan for your daughter -  Check out the TRUE COLOURS of your Stocks, Now for FREE!