Oremus Corporate Services, India, acquires Escribe, United Kingdom. The Hyderabad based F&A back office services company enters UK market post Brexit.
Leading SMEs BPO service provider Oremus expands Global Footprint to UK markets. The move enables Oremus to strengthen leadership position and realize its vision of being the most preferred BPO service provider in the SME segment.
London, September 1, 2016 – Oremus Corporate Services, the Hyderabad based leading F&A Business Process Outsourcing (BPO) Firm for Small and Medium Enterprises announced today the acquisition of Escribe, a UK accounting services business processing outsourcing and transcription processing Firm headquartered in Chester, United Kingdom.
Escribe’s subsidiary ELTA is one of the largest licensed trade accounting service providers in the UK. Escribe also provides bespoke audio transcription services, and back office data handling services to Surveyors, Law Firms, Insurance Companies and Loss Adjusters in the UK and Ireland. Escribe is headquartered in Chester, United Kingdom and has offices in Chennai and Mizoram, in India.
Oremus, acquired the business to expand its footprint in United Kingdom and to enhance its capacity to cater to the rapidly changing business environment in the United Kingdom and other geographies. Escribe through its JV ELTA is one of the leading accounting services providers for the licensed trade business.
Oremus has a large Client base in USA and India and being in the F&A domain, Escribe is a good strategic fit for expanding and catering to the licensed trade business across geographies. Transcription and Data Services capabilities of Escribe will help Oremus integrate and build Data & document management services. The complementing technologies of Oremus and Escribe will provide strong capabilities for converting various forms of information into meaningful data, accounting information and analytics.
“We are delighted to welcome the entire Escribe team to Oremus,” said the founders of Oremus. “This acquisition accelerates the expansion of our F&A outsourcing operations into the UK Market. With the addition of Escribe capabilities, Oremus can now meet the requirements of Clients in UK. Despite Brexit, economic activity hasn't changed. When most firms are hesitant to enter the market, we are taking a bold step of investing in the country. We are doing this because we believe the business fundamentals haven't changed in UK. The next two years will unravel the unknown, however we would be ideally placed to cater to the market with significant cost efficiencies. With our technology and process capabilities, we hope to expand our presence into the SME segment in the UK and add significant value to the Pub accounting business.”
Dilip Mathew, Director of Escribe said “The acquisition by Oremus will enhance the technology, process and delivery capabilities of Escribe which would help us become the market leader for the SME segment and licensed trade accounting. This transaction will add significant value to all stakeholders, customers and employees.”
Terms of the transaction were not disclosed which is a combination of cash and share swaps. Neither company expects any positions to be eliminated during the integration process, which is underway.
Founded in 2002, by Raj, Bala and Suresh, Oremus provides F&A Back office services including Accounting, Payroll, Compliance and Advisory Services from its multiple offices in India, to clients in the USA, India, Middle East, Europe, Africa and South East Asia.
For more information, please visit www.oremuscorp.com
Escribe along with its Joint Venture partner Duncan Boxwell & Co provides accounting services, audio transcription services and data handling services to large Pubs, Surveyors, Law Firms, Insurance Companies and Loss Adjusters in the UK and Ireland.
For more information, please visit www.escribe-europe.co.uk, www.e-lta.com