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Firstsource

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Firstsource Solutions Limited
Company typePublic
IndustryBusiness process management
Founded2001; 24 years ago (2001)
HeadquartersMumbai, Maharashtra, India
Key people
ServicesBusiness process outsourcing, knowledge process outsourcing
Revenue₹79,803 million (US$940 million)[4]
₹5,945 million (US$70 million)[5]
ParentRP-Sanjiv Goenka Group
Websitefirstsource.com

Firstsource Solutions Limited is an Indian business process management company headquartered in Mumbai. It is owned by RP-Sanjiv Goenka Group,[6] and listed on the BSE and NSE since 2007.[7]

Firstsource provides business process management in the banking and financial services, customer services, telecom and media, and healthcare sectors. Its clients include financial services, telecommunications and healthcare companies. Firstsource operates delivery and service centres in India, the United States, the United Kingdom, the Philippines, Mexico, South Africa, Australia and New Zealand, Romania, Trinidad and Tobago, and Turkey.[8][9][10]

History

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Firstsource started its operations in 2001 as ICICI InfoTech Upstream Ltd, a business process outsourcing organisation wholly owned by ICICI Bank, India’s largest private financial services organisation.[11] Its name was changed to Firstsource Solutions Limited in 2006.[12] The same year, Firstsource opened a branch office in the Philippines.[11] Firstsource made an initial public offer in 2007 and was listed on the National Stock Exchange (NSE)[13] and Bombay Stock Exchange (BSE) in India on 22 February 2007.[14]

Acquisitions

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In 2002, the company acquired Customer Asset.com with its two subsidiaries and Tawny Dove Ltd. One year later they acquired FirstRing India Pvt Ltd to gain customer acquisition and credit card services capabilities. In 2005, they acquired RevIT to expand their services into the healthcare sector.[11] One year later, in December 2006, they acquired Business Process Management Inc (BPM) with the aim to enhance the company capabilities in the healthcare sector.[11] Firstsource acquired ISGN in 2016, which was rebranded as Sourcepoint in 2019.[15]

In November 2021, Firstsource announced to acquire the US mortgage services provider The StoneHill Group.[16][17] In May 2024, Firstsource acquired Chennai-based medical billing firm Quintessence Business Solutions & Services (QBSS) for ₹327.8 crore (approximately US$39 million). The acquisition included its US arm, Quintessence Health LLC, which became a step-down subsidiary.[18][19]

In September 2024, Firstsource acquired UK-based customer experience provider Ascensos for £42 million (approximately US$56 million). Ascensos continues to operate independently as a business unit headquartered in Scotland.[20][21]

Corporate affairs

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Operations

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As of March 2025, Firstsource operates global delivery centers across 10 countries including India, the United States, the United Kingdom, the Philippines, South Africa, Australia, Mexico, Romania, Trinidad and Tobago, and Turkey.[22][23] The company primarily serves clients in North America and Europe, with North America accounting for approximately 68% of revenues and EMEA for 31%.[24]

Ownership

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As of 31 March 2025, the promoter RPSG Ventures Limited owned a 53.66% stake in Firstsource. The rest is owned by public shareholders including mutual funds, domestic and foreign institutions, and retail investors.[25]

See also

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References

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  1. ^ "Firstsource Leadership Team | Board of Directors & Senior Leadership". Firstsource. Retrieved 17 March 2022.
  2. ^ "Firstsource Leadership". Firstsource.com.
  3. ^ "Firstsource Investor Relations". Firstsource.com.
  4. ^ Firstsource Solutions Reports Fourth Quarter and Fiscal 2025 Results (PDF) (Report). Firstsource.com.
  5. ^ Firstsource Solutions Reports Fourth Quarter and Fiscal 2025 Results (PDF) (Report). Firstsource.com.
  6. ^ "Firstsource Investor Relations - Share Information". Firstsource.com.
  7. ^ "Firstsource Solutions Annual Report 2020-21". www.firstsource.com. Retrieved 17 March 2022.
  8. ^ "Firstsource Solutions Reports Fourth Quarter and Fiscal 2025 Results" (PDF). Firstsource.com. 30 April 2025. Retrieved 12 June 2025.
  9. ^ "Firstsource Opens New Headquarters and AI Innovation Lab in Melbourne, Victoria". Firstsource.com. 4 March 2025. Retrieved 12 June 2025.
  10. ^ "Firstsource Investor Presentation Q4 FY25" (PDF). Firstsource.com. 30 April 2025. Retrieved 12 June 2025.
  11. ^ a b c d "Firstsource Solutions Ltd". Business Standard India. Retrieved 1 September 2021.
  12. ^ "ICICI OneSource is now Firstsource". The Economic Times. Retrieved 29 November 2021.
  13. ^ "Why Firstsource is Going Slim". Forbes. Retrieved 7 May 2024.
  14. ^ "Firstsource Solutions IPO Review - Firstsource Solutions IPO Dates, Issue Price, Subscription and Allotment Status". The Economic Times. Retrieved 29 November 2021.
  15. ^ "ISGN Rebrands as Sourcepoint". NationalMortgageProfessional.com.
  16. ^ "Firstsource Solutions transitioning from being a BPO player to a platform player: Sanjiv Goenka". The Economic Times. Retrieved 29 November 2021.
  17. ^ "Firstsource Solutions' step-down subsidiary Sourcepoint to acquire US-led The StoneHill Group". indiainfoline.com. Retrieved 29 November 2021.
  18. ^ "Firstsource Solutions to acquire medical billing firm QBSS for nearly $40 mn". VCCircle. 3 May 2024.
  19. ^ "Firstsource acquires medical billing firm QBSS for $40Mn". Outsource Accelerator. 7 May 2024.
  20. ^ "Firstsource acquires UK-based Ascensos for $56 million". The Economic Times. 23 September 2024.
  21. ^ "Firstsource acquires Ascensos" (Press release). Firstsource Solutions. September 2024.
  22. ^ "Firstsource Solutions Reports Fourth Quarter and Fiscal 2025 Results" (PDF). Firstsource.com. 30 April 2025. Retrieved 12 June 2025.
  23. ^ "Investor Presentation Q4 FY25" (PDF). Firstsource.com. 30 April 2025. Retrieved 12 June 2025.
  24. ^ "Investor Presentation Q4 FY25" (PDF). Firstsource.com. 30 April 2025. Retrieved 12 June 2025.
  25. ^ "Shareholding Pattern as on March 31, 2025" (PDF). Firstsource.com. April 2025. Retrieved 12 June 2025.
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