India’s business process outsourcing (BPO) industry is seeing consolidation with three major deals already inked over the last 10 months.

On Tuesday, US-based Synnex acquired BPO firm Minacs for $420 million from private equity firms CX Partners and Capital Square Partners.

Minacs currently employs 21,000 people across 35 centres worldwide. Following the acquisition, Minacs will integrate with Synnex’ BPO subsidiary Concentrix, which has operations in 25 countries, about 90 delivery centres and more than 70,000 employees servicing over 400 clients in more than 40 languages.

Minacs has changed multiple hands over the last decade. The company was initially bought by Aditya Birla Novo’s subsidiary TransWorks in 2006 for about $125 million and later sold for $260 million in 2014 to its current owners.

Consolidation trend The acquisition by Synnex further highlights the consolidation in the BPO industry. In August, French IT services firm Capgemini bought India’s iGate for $4 billion, while PE firm Blackstone repurchased the India-based BPO operations of the UK’s Serco BPO for £250 million in September.

Anil Bhalla, CEO of Minacs, will stay with the combined company and join Concentrix’ senior executive staff.

“I am confident that the combination of our capabilities will present an even more compelling value proposition to the marketplace,” Bhalla said.

“Across industries, clients can expect our shared vision and strategic scale to help them solve bigger, more complex business challenges,” he added.

The transaction is expected to close in the third quarter of 2016.

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