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Aegis Forays Into Sri Lanka, Acquires Ismart Timex

14th Acquisition for Aegis as It Expands Its Global Footprint

Aegis Limited, a leading global business process outsourcing (BPO) provider and part of Essar Group, today announced the successful acquisition of 80% shares of Ismart Timex (Pvt) Ltd, a leading BPO services provider in Sri Lanka. The balance 20% continues to be held by the selling shareholder, Timex Garments Ltd. This acquisition was done through Essar Services Holdings Limited, the holding company of Aegis Limited.

Aparup Sengupta, Managing Director and CEO of Aegis Limited, said, "Ismart Timex is one of the largest BPO service providers in Sri Lanka and we expect it to grow exponentially to more than double in voice, back office, and especially F&A in the next year. This acquisition adds a new geography to the Aegis spectrum of outsourcing solutions and expands its global footprint to cover Sri Lanka. Aegis will now offer services from 35 delivery centers across the world. This acquisition reinforces Aegis' leadership position as a Customer Lifecycle Management (CLM) company by delivering complete end-to-end CLM solutions."

Arshad Sattar, Managing Director of Ismart Timex, said, "Sri Lanka has a rich talent pool for voice, back office and shared services business. We are happy to become a member of the Aegis family and to create a global BPO leader. Our focus on the full spectrum of CLM services will continue and our value proposition is now stronger as we expand our industry and process expertise, service offerings and global delivery platform."

Aegis has expanded its global footprint with operations in India, the Philippines, the United States, Costa Rica, Kenya, South Africa, Australia and now Sri Lanka. With more than 39,000 employees globally, Aegis delivers complex right-shoring requirements for large enterprises. Currently serving more than 130 global clients, 32 of whom are Fortune 500 companies, Aegis provides clients with benefits of a global delivery model and geographic diversity, strong financial strength, deep domain expertise, comprehensive and flexible solution offerings, and a rich international talent pool.

Aegis has established a record of successfully aligning the interests of all stakeholders in a short period of time. This transaction is the 14th acquisition for Aegis, having recently concluded its acquisition of the Australian-based UCMS Group.

About Aegis

Aegis is one of the leading global business process outsourcing (BPO) providers that offers customer lifecycle management and a variety of value-added interactive and back-office services for global enterprise clients. Built on the mantra of personalized solutions and the co-creation of value, Aegis is one of the fastest growing BPO companies in the world. With deep industry expertise, Aegis services several Fortune 500 companies worldwide in the telecom, banking and financial services, and insurance, healthcare, and travel verticals. Aegis offers an end to end global delivery platform spanning onshore, near shore and offshore locations with 35 delivery facilities in the United States, the Philippines, India, Costa Rica and Africa. For more information please visit www.aegisglobal.com

About Ismart Timex (Pvt) Ltd

Ismart Timex (Pvt) Ltd, a subsidiary of Timex garments (Pvt) Ltd, is Sri Lanka's leading Business Process Outsourcing company. It provides superior solutions to varied Back-Office and Contact Center requirements in Sri Lanka. Registered under the Board of Investment of Sri Lanka, the company commenced operations in August 2008. Ismart Timex (Pvt) Ltd holds a competitive advantage over other BPO service providers due to its superiority in the key areas of Human Resource profiling, Training, Quality Assurance, expertise and innovativeness in their approach towards their client's requirements.