Firstsource: Difference between revisions

Revision as of 05:05, 13 June 2025

Revision as of 05:15, 13 June 2025

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| foundation = {{Start date and age|df=yes|2001}}

| ___location = [[Mumbai]], [[Maharashtra]], India

| key_people = {{ubl|[[Sanjiv Goenka]] ([[Executive Chairman]])|Ritesh Idnani (CEO & [[Managing Director|MD]])<ref>{{Cite web |title=Firstsource Leadership Team {{!}} Board of Directors & Senior Leadership |url=https://www.firstsource.com/leadership |access-date=2022-03-17 |website=Firstsource |language=en-US}}</ref>|Dinesh Jain (CFO)|Sohit Brahmawar (COO)<ref>{{cite web|title=Firstsource Leadership|url=https://www.firstsource.com/leadership|publisher=Firstsource.com}}</ref>

| num_employees = 34,144+<ref>{{cite web|title=Firstsource Investor Relations|url=https://www.firstsource.com/investor-relations/|publisher=Firstsource.com}}</ref>}}

| industry = [[Business process management]]

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== History ==

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.<ref name=":0">{{Cite news |title=Firstsource Solutions Ltd. |work=Business Standard India |url=https://www.business-standard.com/company/firstsour-solu-24882/information/company-history |access-date=2021-09-01}}</ref> Its name was changed to Firstsource Solutions Limited in 2006.<ref>{{Cite news|title=ICICI OneSource is now Firstsource|work=The Economic Times|url=https://economictimes.indiatimes.com/tech/ites/icici-onesource-is-now-firstsource/articleshow/544517.cms?from=mdr|access-date=2021-11-29}}</ref> The same year, Firstsource opened a branch office in the Philippines.<ref name=":0" /> InFirstsource 2007,made itan became a[[initial public companyoffer]] in 2007 and was listed on the IndianNational Stock Exchange (NSE)<ref>{{Cite web |title=Why Firstsource is Going Slim |url=https://www.forbes.com/2009/09/01/forbes-india-ananda-mukerji-icici-bank-firstsource.html |access-date=2024-05-07 |website=Forbes |language=en}}</ref> and Bombay Stock Exchange (BSE) in India on 22 February 2007.<ref>{{Cite web|title=Firstsource Solutions IPO Review - Firstsource Solutions IPO Dates, Issue Price, Subscription and Allotment Status|url=https://economictimes.indiatimes.com/firstsource-solutions-ltd/ipos/companyid-99.cms|access-date=2021-11-29|website=The Economic Times}}</ref>

=== Acquisitions ===

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.<ref name=":0" /> 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.<ref name=":0" /> Firstsource acquired ISGN in 2016, which was rebranded as Sourcepoint in 2019.<ref>{{cite web|title=ISGN Rebrands as Sourcepoint|url=https://nationalmortgageprofessional.com/news/70182/isgn-rebrands-sourcepoint|publisher=NationalMortgageProfessional.com}}</ref>

In November 2021, Firstsource announced to acquire the US mortgage services provider The StoneHill Group.<ref>{{Cite news|title=Firstsource Solutions transitioning from being a BPO player to a platform player: Sanjiv Goenka|work=The Economic Times|url=https://economictimes.indiatimes.com/markets/expert-view/firstsource-solutions-transitioning-from-being-a-bpo-player-to-a-platform-player-sanjiv-goenka/articleshow/87625117.cms?from=mdr|access-date=2021-11-29}}</ref><ref>{{Cite web|title=Firstsource Solutions' step-down subsidiary Sourcepoint to acquire US-led The StoneHill Group|url=https://www.indiainfoline.com/article/news-top-story/firstsource-solutions-step-down-subsidiary-sourcepoint-to-acquire-us-led-the-stonehill-group-121111100576_1.html|access-date=2021-11-29|website=indiainfoline.com|language=en}}</ref> 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.<ref name=qbss1>{{cite news |title=Firstsource Solutions to acquire medical billing firm QBSS for nearly $40 mn |publisher=VCCircle |date=3 May 2024 |url=https://www.vccircle.com/firstsource-solutions-to-acquire-medical-billing-firm-qbss-for-nearly-40-mn}}</ref><ref name=qbss2>{{cite news |title=Firstsource acquires medical billing firm QBSS for $40Mn |publisher=Outsource Accelerator |date=7 May 2024 |url=https://news.outsourceaccelerator.com/firstsource-medical-qbss-40mn/}}</ref>

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.<ref name=ascensos1>{{cite news |title=Firstsource acquires UK-based Ascensos for $56 million |publisher=The Economic Times |date=23 September 2024 |url=https://economictimes.indiatimes.com/tech/information-tech/firstsource-acquires-uk-based-ascensos-for-56-million/articleshow/113604886.cms}}</ref><ref name=ascensos2>{{cite press_release |title=Firstsource acquires Ascensos |publisher=Firstsource Solutions |date=September 2024 |url=https://www.firstsource.com/newsroom/press-releases/firstsource-acquires-ascensos}}</ref>

===Public offer===

Firstsource made a public offer in February 2007 and was listed on the National Stock Exchange (NSE)<ref>{{Cite web |title=Why Firstsource is Going Slim |url=https://www.forbes.com/2009/09/01/forbes-india-ananda-mukerji-icici-bank-firstsource.html |access-date=2024-05-07 |website=Forbes |language=en}}</ref> and Bombay Stock Exchange (BSE) in India on 22 February 2007.

== Corporate affairs ==

=== Organizational structureOperations ===

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.<ref>{{cite web |title=Firstsource Solutions Reports Fourth Quarter and Fiscal 2025 Results |url=https://www.firstsource.com/sites/default/files/2025-04/FSL-PressRelease-Q4FY25.pdf |website=Firstsource.com |date=April 30, 2025 |access-date=June 12, 2025}}</ref><ref>{{cite web |title=Investor Presentation Q4 FY25 |url=https://www.firstsource.com/sites/default/files/2025-04/FSL-InvestorPresentation-Q4FY25.pdf |website=Firstsource.com |date=April 30, 2025 |access-date=June 12, 2025}}</ref> The company primarily serves clients in North America and Europe, with North America accounting for approximately 68% of revenues and [[EMEA]] for 31%.<ref>{{cite web |title=Investor Presentation Q4 FY25 |url=https://www.firstsource.com/sites/default/files/2025-04/FSL-InvestorPresentation-Q4FY25.pdf |website=Firstsource.com |date=April 30, 2025 |access-date=June 12, 2025}}</ref>

=== Management and leadership structure ===

Firstsource is managed by a leadership team with 11 members. Ritesh Idnani serves as the Managing Director and Chief Executive Officer. The Board of Directors is led by Chairman Sanjiv Goenka.<ref>{{Cite web |title=Firstsource Leadership Team {{!}} Board of Directors & Senior Leadership |url=https://www.firstsource.com/leadership |access-date=2022-03-17 |website=Firstsource |language=en-US}}</ref>

=== Group Structure ===

The RP-Sanjiv Goenka Group owns a 53.96% share of Firstsource through a subsidiary.<ref name="sr" /> Firstsource expanded with the acquisition of ISGN in 2016, which was rebranded as Sourcepoint in 2019.<ref>{{cite web|title=ISGN Rebrands as Sourcepoint|url=https://nationalmortgageprofessional.com/news/70182/isgn-rebrands-sourcepoint|publisher=NationalMortgageProfessional.com}}</ref> As of March 2018, Firstsource had 15 subsidiaries and 1 associate company.

=== Shareholder structureOwnership ===

As of 31 March 2025, the [[Corporate promoter|promoter]] RPSG Ventures Limited heldowned a 53.66% stake in Firstsource. AmongThe non‑promoterrest shareholders,is mutualowned fundsby held[[Public 17.40%,float|public foreignshareholders]] institutionalincluding investorsmutual held 10.08%funds, domestic and insuranceforeign companies held 3.61%; resident Indiansinstitutions, and other publicretail investors collectively held approximately 12.03%, with the remaining shares held by banks, corporates, and non‑residents.<ref>{{cite web |title=Shareholding Pattern as on March 31, 2025 |url=https://www.firstsource.com/sites/default/files/2025-04/Pie-digram-Q4FY-2024-25.pdf |publisher=Firstsource.com |date=April 2025 |access-date=June 12, 2025}}</ref>

== See also ==

{{div col|colwidth=30em}}

* [[3i Infotech]]

* [[Fortune India 500]]

* [[List of IT consulting firms]]

{{div col end}}

== References ==