Shares of Firstsource Solutions Ltd surged 7% on 24 September after the company announced that its wholly-owned subsidiary, Firstsource Solutions UK Limited acquired Ascensos. 

In an exchange filing, Firstsource Solutions said, “We wish to inform that, Firstsource Solutions UK Limited, wholly owned subsidiary of Firstsource Solutions Limited, has executed a share purchase agreement with the Shareholders of Ascensos Limited, UK for acquisition of 100 per cent ownership in Ascensos for a consideration of GBP 42 million, including upfront payment & earnouts and subject to terms set out in the SPA.”

Ascensos is a leading worldwide supplier of CEM solutions and is committed to helping brands provide outstanding CEM and customer service. 

Sanjiv Goenka, chairman of RPSG Group and Firstsource, said, “This acquisition is aligned with the strategic capabilities Firstsource has been pursuing toward growth and expansion. We’re thrilled about the potential that Ascensos’s extensive retail knowledge, Firstsource’s advanced technology, and the RPSG Group’s deep expertise bring together.”

Ascensos will become a step-down subsidiary of Firstsource Solutions and a subsidiary of FSL UK after the purchase closes.

According to the corporation, Ascensos will continue to operate as a separate business unit within Firstsource and maintain its Scottish headquarters and brand identity.  

By combining both businesses’ technology know-how and skills, the amalgamation will benefit the retail sector more than before. For the sake of Ascensos’ clients, John Devlin will continue in his role as CEO.

Firstsource’s leadership in customer experience (CX) is cemented by this acquisition, which expands its presence in the retail sector. It aims to support businesses in navigating the upcoming wave of digital innovation by simplifying complex customer journeys and seamlessly integrating front, middle, and back-office activities across digital, analog, and physical interactions.

Ascensos’ extensive knowledge of the retail sector, according to Firstsource, meshes well with the RPSG Group’s long history in the sector, which includes well-known brands including Spencer’s, Nature’s Basket, and Quest.

Additionally, Ascensos’ nearshore delivery capabilities in Trinidad & Tobago, South Africa, and Romania will help Firstsource’s farshore delivery alternatives by boosting multilingual assistance and increasing execution chances. 

At 12:41 pm, the shares of Firstsource Solutions were trading 6.46% higher at Rs 335 on NSE.

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