First Source purchases UK-based Ascensos in a $56 million deal.

The RP-Sanjiv Goenka Group's Firstsource Solutions announced on Monday that it has acquired Ascensos, a UK-based customer experience outsourcing partner for retail and eCommerce businesses, for £42 million ($55.9 million). In a stock exchange filing, the business process management (BPM) company stated that this acquisition will facilitate its strategic expansion into the retail sector while enhancing nearshore and multilingual capabilities. 

Firstsource's UK subsidiary, Firstsource Solutions UK Limited, has signed a share purchase agreement to acquire full ownership of Ascensos Limited, UK. Once the transaction is completed, Ascensos will become a subsidiary of FSL UK and a step-down subsidiary of Firstsource Solutions. Ascensos will continue to operate as an independent business unit under its current brand and will maintain its headquarters in Scotland. It will leverage the combined technological resources and skilled workforce of the two companies to better serve the retail industry.

John Devlin will remain CEO of Ascensos to ensure continuity for its clients. Sanjiv Goenka, Chairman of RPSG Group and Firstsource, said the acquisition aligns with Firstsource’s strategic goals for growth and expansion. He expressed enthusiasm for the combination of Ascensos’ retail expertise, Firstsource’s technology, and RPSG Group’s industry experience, noting that the global Retail and CPG BPO market is valued at $28 billion. He added that the acquisition offers significant growth opportunities through differentiated services built on in-depth industry knowledge and specialized technology, benefiting existing clients and opening doors to new opportunities in the expanding retail sector.

John Devlin, CEO of Ascensos, remarked that the merger of Ascensos' retail and eCommerce expertise with Firstsource's technological strengths and global reach will accelerate transformation efforts for current clients and enhance operational experiences for frontline employees. Both companies have strong reputations for delivering exceptional customer experiences for top-tier brands, and Devlin looks forward to expanding their global offerings together.