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Please see below the latest news from OfficeTiger. The main points to note are:-

- OfficeTiger, a provider of offshore business process outsourcing solutions to professional services firms and Fortune 500 companies, today announced the recapitalisation of its holding company’s ownership in a private equity transaction involving a $50 million investment of which $25 million is a direct investment

- The investment comes at a time of rapid growth for the four and a half year old company, providing the firm with the resources and capital base to continue its drive towards market leadership, and helping the company execute on its growth plan

- The investment was made by Francisco Partners, a leading information technology and services focused private equity firm with $2.5 billion of committed capital

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Karolina


OfficeTiger Recapitalised in $50 Million Investment by Francisco Partners

Indian Offshore BPO Provider To Execute Its Growth Plan Through $25 Million Direct Investment

London, UK – 21 June, 2004 – OfficeTiger, a provider of offshore business process outsourcing solutions to professional services firms and Fortune 500 companies, today announced the recapitalisation of its holding company’s ownership in a private equity transaction involving a $50 million investment of which $25 million is a direct investment. The investment was made by Francisco Partners, a leading information technology and services focused private equity firm with $2.5 billion of committed capital.

The investment comes at a time of rapid growth for the four and a half year old company, providing the firm with the resources and capital base to continue its drive towards market leadership, and helping the company execute on its growth plan.

OfficeTiger also announced the appointment of both Neil Garfinkel and David Golob, each a partner with Francisco Partners, to its Board of Directors.

“OfficeTiger’s business model, range of integrated onsite and offshore professional services and experienced management team make it one of the most promising young companies in the outsourcing industry,” said Garfinkel.

“Francisco Partners can help accelerate OfficeTiger’s growth through our significant capital base, mergers and acquisitions expertise, and broad network in OfficeTiger’s targeted vertical markets,” said Golob.

Founded in 1999 by two former investment bankers, OfficeTiger has five service lines and more than 1,700 professionals worldwide, offering fully customisable, scalable and cost-effective on-site and off-shore outsourced solutions. Its prestigious client list includes eight of the world’s 12 largest investment banks, diversified global financial services companies, leading US and UK law firms, consulting firms, financial and commercial printers, third-party administrators and other Fortune 500 companies.

“The $50 million investment speaks to the tremendous potential of OfficeTiger’s services, and will fuel the company’s continuous growth in the US and Europe through capital improvements, acquisitions and strategic alliances,” said Randolph Altschuler, Co-Chief Executive Officer of OfficeTiger. “Francisco Partners brings a broad range of expertise to OfficeTiger and we look forward to their guidance and contributions as we continue to expand our service lines and employee base for our customers worldwide.”

“Francisco Partners has provided us with the financial power to continue to expand to meet the needs of our customers and employees,” said Joe Sigelman, Co-Chief Executive Officer of OfficeTiger. “We are now even better positioned to provide our clients with a significantly expanded breadth and scope of services, access to a global talent pool, recruiting and retaining the best professionals from round the world with benchmark service delivery capability,”

About OfficeTiger

Founded in 1999, OfficeTiger is a pioneer in providing industry-specialised information management BPO solutions to professional services firms and Fortune 500 companies throughout the world, enabling customers to achieve operational excellence through increases in productivity at significantly lower costs. Headquartered in New York City, OfficeTiger has sales and implementation offices in the United Kingdom and India. OfficeTiger clients include investment banks, diversified financial services companies, leading US and UK law firms, consulting firms, financial and commercial printers, third-party administrators and Fortune 500 companies. For more information, please visit www.officetiger.com.

About Francisco Partners

With $2.5 billion of committed capital, Francisco Partners is one of the world’s largest technology and services focused private equity funds. The firm was founded to pursue structured investments in technology and services companies undergoing strategic, technological, and operational inflection points. Francisco Partners targets majority and minority investments in private companies, public companies, and divisions of public companies, with transaction values ranging from $30 million to $2.0 billion. The principals of Francisco Partners have a proven track record, having invested in excess of $2.4 billion of equity capital in over 50 technology and services companies during the past decade. For additional information, visit www.franciscopartners.com.


This press release was distributed by ResponseSource Press Release Wire on behalf of Weber Shandwick (London) in the following categories: Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.