November 04, 2011: Murugappa Group, a conglomerate based in Chennai is planning to sell its Business process outsourcing unit, Laserwords. Laserwords is a BPO focused on the publishing industry.
Sources close to Laserwords said that Philippines based SPi Global is preparing to acquire Laserwords. The deal is expected to be announced next week. Murugappa has entrusted Enam to look for strategic options for Laserwords. Murugappa group had acquired Laserwords in 2006.
According to senior officials of the group, Murugappa is in the final phase of the possible transaction. The official has commented that the will either sell stake or will completely sell of the business.
The reason behind the proposed sale still remains unclear, but what is known is that the business failed to grow at the rate which the group had expected it to grow. The amount of money involved in the proposed transaction is also not known. A spokesman from the Murugappa group has declined to comment on this news and said that it is just a speculation.
44 per cent of the stake is held by Coromandel International, and rest of the companies in the Murugappa Group holds the rest of the stake.
Laserwords is a part of the $3.1 billion Murugappa Group which dates back its origin to 1900. Laserwords which was founded in 1983 serves publishers of school, higher education, academic, professional and trade publications with print and media services. Laserwords combines it experience with cutting edge technologies and strategies to serve the clients, which will bring reduced cost and reduced time to the market for the clients.
In India Laserwords have two production centers in Chennai. Laserwords operates production teams at Maine, Madison, and New York, in the United States. The Maine center serves higher education and professional and trade book publishers with prepress services. The Madison center caters to the needs of school market.
The major clients of Laserwords include Amazon, Pearson, Scholastic and many others. The mission of Laserwords is to perform beyond the expectations of the client in terms of quality and timely completion of the projects.