IP Communications

By Susan J. Campbell

TMCnet Contributing Editor

 

The Board of iQor, Inc. has announced today the sale of the assets of the company to an entity controlled by Guggenheim Investment Management, LLC (GIM) and the existing management team of iQor.

“We are strong believers in the growth prospects of the call center industry, in general, and the collections segment, in particular,” said Todd Boehly, Managing Partner of GIM, in a Monday statement.

“Since we became involved in iQor three years ago, the company has become a real leader in this market. We are excited to be partnering with management to take the company to the next level.”

“GIM has been a terrific investor,” said Vikas Kapoor, President and CEO of iQor, in Monday’s statement. “They understand this industry, and the unique competitive position we are trying to occupy within it.  With them as our lead investor, we will accelerate our push to become the premier call center services company in the world.”

 

The call center services industry represents $35 billion. This number is expected to grow by 15 percent per year over the next few years. The collections segment of this industry is projected to grow even faster as consumer delinquencies rise in the United States.

 

Consistent with industry trends over the past few years, iQor has positioned itself among call center service companies with a true global approach as it operates sites in India, the Philippines, the U.K., Canada and the U.S.

The company has invested more than $75 million in some of the most advanced technologies in the call center industry, including the first end-to-end VoIP network, a comprehensive warehouse of information about delinquent customers, as well as the most advanced suite of applications to be deployed in the collections segment of the call center industry.

Terms of the final transaction were not disclosed. Kapoor plans to remain as President and CEO of iQor and GIM will control the company’s Board of Directors.

iQor focuses on providing call center services to some of the best-known companies in the world from 19 Centers of Excellence in five countries and four continents. The company’s 7,000 employees work with state-of-the-art technology to provide maximum flexibility to iQor customers in order to tap the best skills of a global workforce.

Guggenheim Investment Management, LLC (“GIM”) is established in the investment management industry with approximately $10.6 billion of assets under management across various asset classes.  GIM employs over 70 professionals with offices in New York, Calgary, Dublin, Houston and Los Angeles. 

The collections segment of the call center industry represents significant growth opportunity – which is great for the industry, but a black eye on the fiscal consciousness of the U.S. consumer. Unfortunately, with the changes in bankruptcy laws, more and more individuals are simply defaulting on payments, creating a greater need for centers that can collect some or all of the money due.

 

As the call center industry is demanding a global approach to operations, iQor is perfectly positioned to answer the demands of the industry, making it a prime choice for Guggenheim Investment Management.

 

Susan J. Campbell is a contributing editor for TMC (News - Alert) and has also written for eastbiz.com. To see more of her articles, please visit Susan J. Campbell’s columnist page.