PHILADELPHIA – Zenta, a rapidly growing global business process outsourcing company, today announced that it has entered into an equity partnership with GTCR Golder Rauner LLC (GTCR), one of the nation’s leading private equity firms. Zenta delivers end to end back office solutions to the financial services industry including credit card servicing, mortgage servicing, accounts receivable management and insurance claims processing. A US-based company headquartered in Wayne, PA, Zenta has 2,600 employees, most of whom are located at its primary operations center in Mumbai, India.
Under the terms of the transaction, H-Cube LLC, a GTCR affiliate through which GTCR has committed up to $100 million of equity capital, has acquired a majority interest in Zenta. Priya Hiranandani, the founder of Zenta, will continue to serve as chief executive officer and Henry Hortenstine, former executive vice president at Affiliated Computers Services, Inc., a Fortune 500 global company and a pioneer in the business process outsourcing industry, will become executive chairman of Zenta. Wachovia Securities acted as advisors to the transaction.
“This is an ideal partnership for Zenta,” said Priya Hiranandani. “The combination of GTCR’s equity capital and Henry’s experience will enable Zenta to continue its growth and expansion into new markets — and it will ensure that we continue to provide high quality service to our customers and expanding career opportunities to our employees.”
“We are thrilled to partner with Zenta,” stated Henry Hortenstine. “Priya and her management team have built an impressive company in less than four years. Its revenues have doubled each year since its founding. It has a blue chip client base and a well deserved reputation for high quality service. We could not be more pleased.”
