One Point One Solutions Limited, a provider of Business Process Management (BPM) services, has successfully completed the initial phase of acquiring a 76% stake in ITCube. The company announced that ITCube is now a subsidiary of One Point One Solutions Limited.
In a filing, the company stated, “The first tranche of the acquisition, involving a 76% stake in ITCUBE, was finalized on March 1, 2024, leading to ITCUBE becoming a subsidiary of our company.”
Prior to this, One Point One Solutions Limited had expressed its plans to expand its global presence through the majority acquisition of ITCube. The acquisition is expected to facilitate the expansion of the company’s existing verticals, particularly in healthcare and IT services.
ITCube Solutions, a company specializing in IT and BPM/KPO services with headquarters in Pune and Cincinnati, Ohio, reported a consolidated turnover of Rs 53.57 crore and an EBITDA of Rs 12.15 crore for the fiscal year ending on March 31, 2023.
Managing Director of One Point One Solutions, Akshay Chhabra, emphasized the significance of this strategic move, stating, “This acquisition not only expands our business but also reinforces our commitment to innovation, growth, and establishing a strong global presence. ITCube Solutions brings extensive expertise in IT and BPM/KPO services, with a strong presence in Pune and Cincinnati, Ohio.”
India is a favored location for establishing Global Capability Centers (GCCs), with the IT industry contributing significantly to the country’s GDP. The industry, currently at 7.4% of India’s GDP, is projected to reach 10% by 2025. Additionally, India accounts for 40% of global sourcing expenditures.
