Firstsource Solutions Ltd

Firstsource Solutions Limited is a part of the RP-Sanjiv Goenka Group, and a leading provider of business process solutions to the world's biggest brands in the Banking and Financial Services, Healthcare, Communications, Media and Technology and other Diversified Industries. The Company is engaged in the business of providing customer management services like contact center, transaction processing and debt collection services including revenue cycle management in the healthcare industry. It specialize in helping clients through transformational and distinctive solutions designed to reimagine business processes and deliver increased efficiency, deeper insights and superior outcomes. With an established presence in the US, the UK, India, and the Philippines, it partners for over 150 leading global brands, including several Fortune 500 and FTSE 100 companies. The company was incorporated as ICICI Infotech Upstream Ltd on December 6, 2001 and promoted by ICICI Bank Ltd. In April 2, 2002, the name was changed to ICICI OneSource Ltd. In April 2002, the company acquired Customer Asset.com with its two subsidiaries to accelerate the entry into the BPO business. Also they acquired Tawny Dove Ltd in the same year. In the year 2003, they acquired FirstRing India Pvt Ltd to gain customer acquisition and credit card services capabilities. The company acquired a majority stake in Pipal in the year 2004 to acquire research and analysis capabilities. Also in the same year, they acquired ASG in order to enter into the collections and receivables management market. In the year 2005, they acquired RevIT to enter into the healthcare industry and enhance the transaction processing capabilities. Also they acquired Business Process Management Inc (BPM) on December 29, 2006 to further enhance the company capabilities in the healthcare sector. During the year 2006, the company has set up Firstsource Solutions, S A through one of its subsidiary company Firstsource Solutions, UK. Also they opened a branch office in Philippines. In March 2006, the company entered into the strategic partnership with Metavante to provide an exclusive channel partnership with respect to certain BFSI services in North America.In November 21, 2006, the company got their present name Firstsource Solutions Ltd. The company won Offshoring Operations of the year and Financial Services Outsourcing Project of the year from National Outsourcing Association, UK in September 2005. Based on the annual rankings by NASSCOM, the company was the third largest Pure Play BPO provider. Firstsource was awarded second place in Healthcare category in the 8th Annual IQ Six Sigma Excellence Awards held at Florida in January 2007. In August 29, 2007, the company has entered into an agreement to acquire MedAssist Holding, Inc., a leading provider of revenue cycle management in the healthcare industry in the U.S. In February 2008, the company signed five-year partnership deal with Barclays U.S. Credit Card Business. In the year 2009, the company restructuring into four independent business verticals- Healthcare, Telecoms, Media, Banking, Financial Services & Insurance (BFSI) and Asia Business Unit (ABU) effective on March 2009. Firstsources awards cap is the ERE 2009 award as Recruitment Department of the year conferring this award at a ceremony in San Diego, the USA. In the year 2010, the company planned to expansion of operations to the Philippines offshore delivery location for a fortune 50 North American telecom carriers. The company entered into Australia by signing a contract with a Cable & Satelite TV Company. The company received awards winner of the UK Trade & Investment's (UKTI) Investor of the Year award at the UK- India Business Awards. In the year 2011, the company has been investing in new geographies by expanding business through new clients and it has recently entered in Australia. In the year 2012, the company entered into new geography area through Joint Venture with Dialog Axiata,Sri Lanka. Started Operations in the Republic of Ireland. Firstsource signed total contract value worth USD 160 million of new business in the year. During the financial year ended 31 March 2014, Firstsource Solutions incurred capital expenditure of Rs 357 million mainly towards refurbishment and maintenance of delivery centres and establishment of new centres in Philippines and USA. During the year under review, the company expanded operations in Philippines with the third delivery center in Cebu. During the year under review, the company secured a program from one of the oldest banks in Ireland, won a 2 year contract in the Customer Management business with a leading US based telecom company for their wireless division, won additional business for Mortgage Back-office and Mortgage telephony line of business for an existing leading banking client from UK, secured a contract with a leading utilities and FTSE100 company in the UK for their mobile proposition and won additional work with an existing client which is one of the leading credit card issuer in the UK. During the year under review, the company signed an additional contract with the Largest Pay TV Provider in the UK to provide a range of services such as Broadband support (Voice) and support for Billing & Technical queries for TV, Broadband & Telephony products (Web Chat). During the year under review, Firstsource Solutions added a new client to the Healthcare Payer clientele list in the US for provision of Claims Adjudication work, won a Customer Management and Complaints Management contract with a leading UK financial services company, won a Customer Insight Analytics and Consulting contract with a leading Irish Bank and secured a contract with a OEM company in UK to provide high end technical support through email & web chat service. Some of the products introduced by the company in the fiscal were First Customer Intelligence, First Chat and First Smartomation. During FY 2014, the company made significant progress in establishing a strong Business Transformation office (BTO). In FY 2014, the company took a conscious decision to terminate services with clients which didn't measure up to the profitability thresholds that it had set itself to. The terminations were cordial with mutual consent between the parties. During the financial year ended 31 March 2015, Firstsource Solutions incurred capital expenditure of Rs. 687 million mainly towards refurbishment and maintenance of delivery centers and establishment of new centers in USA. During FY 2015, the company has made significant progress in establishing a strong Business Transformation Office (BTO). During the year ended 31 March 2016, the Board of Directors of Firstsource Solutions approved acquisition of 100% ownership of ISGN Solutions, Inc. from its holding company ISGN Corporation, USA and BPO business of ISG Novasoft Technologies, India Ltd. The acquisition would be completed through Firstsource Group US Inc. (FGUS), a wholly owned subsidiary of the company in US and Firstsource Solutions Limited in India. ISGN Solutions, Inc. is a provider of integrated end-to-end business process outsourcing (BPO) services to the financial institutions that focus on the US residential mortgage market. ISGN Solutions, Inc. was incorporated in Delaware, US in 1999 and has two 100% owned operating subsidiaries in US. During the year under review, Firstsource Solutions incurred capital expenditure of Rs. 884 million mainly towards refurbishment and maintenance of delivery centers and establishment of new centers in UK. During FY 2016, Firstsource Solutions enhanced its Business Transformation Offerings (BTO). During the financial year ended 31 March 2017, Firstsource Solutions' holdings in Nanobi Data and Analytics Private Limited (Nanobi) exceeded 20% and the said holdings, post conversion, will be part of the Equity Share Capital of Nanobi. Accordingly, Nanobi became an Associate Company of Firstsource Solutions pursuant to the provisions of Section 2(6) of the Companies Act 2013. Further, during the year under review, Firstsource Dialog Solutions (Pvt) Limited, Sri Lanka, a subsidiary of Firstsource Solutions Limited, has successfully completed the assets transfer to Dialog Business Solutions (an entity of Dialog Axiata). During the financial year ended 31 March 2017, Firstsource Solutions incurred capital expenditure of Rs 856 million mainly towards refurbishment and maintenance of operation centers, technology upgrade and setting up of new operations centers. During the financial year ended 31 March 2018, Firstsource Solutions incurred capital expenditure of Rs 625.05 million mainly towards refurbishment and maintenance of operation centers, technology upgrade and setting up of new operations centers. On 7 July 2017, Firstsource Solutions signed a Business Transfer Agreement with Vertex Customer Management India Private Limited to sell a portion of company's India domestic business and the said transaction was closed successfully during the financial year ended 31 March 2018. In FY 2018, Firstsource Solutions significantly bolstered its Business Transformation Offerings (BTO). Under the BTO framework, the company continues to build Transformative Productised Solutions through a combination of Robotic Process Automation, Workflow technologies, Digital and Analytics based predictive models. During the year 2019-20, the Company incurred capital expenditure of Rs 845 Million mainly towards refurbishment and maintenance of operation centers, technology upgrade and setting up of new operations centers. During fiscal 2020-21, Company acquired PatientMatters, a healthcare Revenue Cycle Management (RCM) solutions provider. It incurred capital expenditure of Rs. 903 million mainly towards refurbishment and maintenance of operation centers, technology upgrade and setting up of new operations centers. During the year 2021-22, the Company incurred capital expenditure of Rs 850.30 million mainly towards refurbishment and maintenance of operation centers, technology upgrade and setting up of new operations centers. During 2022-23, the Company incurred capital expenditure of Rs 536.22 million mainly towards refurbishment and maintenance of operation centers, technology upgrade and setting up of new operations centers. As of 31 March, 2023, the Company distributed mutual funds schemes of 40 AMCs. Asset Under Management (AUM) of Rs. 21 billion mutual funds were distributed by the Company as of 31 March, 2023. During the year 2022-23, the Company launched FirstPlace in January 2023, a Human Capital Management (HCM) platform that offers an integrated interface for all HR processes. It launched a new Supervisor to Managerial development program called SIM - Stepping into Management - at identifying and nurturing talent from within the organization. It launched 'Operation 90 Days' business in the Health Plan and Healthcare Services (HPHS) Call Center, which involves several changes in pre-and post-joining phases to increase retention. It launched a consulting practice - Insights, Design Experience and Advisory (IDEA) - to introduce innovative ideas and solutions and address the market gap in experience design customized to client-specific needs. It launched a Data Integrity practice to help clients ensure safe, secure, and reliable online environments by harnessing the synergy of top-tier talent and cutting-edge technology. The Healthcare Provider practice launched several new services, including Medicaid Redetermination services for leading Provider-sponsored and hospital health systems across the US, a digital-only deal to perform robotic automation for a large regional health system and the establishment of offshore delivery centers for one of its top 10 hospital clients. It implemented a structured Robotic Automation Process for a leading US mortgage company, to overcome the challenges associated with traditional, high-volume manual processes. In FY 2022-23, the Company initiated a pilot program for Smart Interview on Demand (SIOD) across the UK and India. It made significant strides in its Management Trainee (MT) program, hiring its largest cohort of 52 trainees from 16 of India's top business schools. Read More