Monday, February 23, 2009

Integreon Pays $9 Million for Bankrupt Onsite

As a follow up to my previous post titled Integreon Purchases Onsite3's Secured Debt Before Onsite3 Files Chapter 11 , it has been reported that Ayala Corp., the holding company of Integreon, paid $9 million for the bankrupt Onsite.

BussinesWorld Online News Story:
Rufino Luis T. Manotok, chief finance officer of the country’s oldest conglomerate, told BusinessWorld the firm, through BPO unit Integreon Managed Solutions, Inc., had bought Virginia-based On-site Sourcing, Inc. for $9 million.

"The company will focus on investing in the BPO industry. While its growth rate might slow down, the industry will still grow," Mr. Manotok said in an interview on Friday.

Last year, revenues of the local outsourcing industry went up by more than a quarter to $6 billion and are expected to grow by as much as a third this year.

"In times of stress that’s when opportunity will arise, and we do not want to be caught in a situation where there is [an acquisition] opportunity and we do not have the cash," he said.

No comments:

Post a Comment