Sat, Oct 22, 2016 | updated 10:48 AM IST

Oremus Corporate Services acquires Escribe

Updated: Sep 07, 2016 12:28 IST

Hyderabad [India], Sept. 7 (ANI-Business Wire India): Oremus Corporate Services, the leading Hyderabad based F&A Business Process Outsourcing (BPO) Firm for Small and Medium Enterprises, announced today the acquisition of Escribe, a UK based BPO firm providing accounting, transcription and data services to clients in the UK and Ireland.

Escribe's subsidiary ELTA is one of the largest licensed trade accounting service providers in the UK. Escribe also provides bespoke audio transcription services, and back office data services to Surveyors, Law Firms, Insurance Companies and Loss Adjusters in the UK and Ireland. Escribe is headquartered in Chester, United Kingdom and has offices in Chennai and Mizoram, in India.

Oremus acquired the business to expand its footprint in the UK and to enhance its capacity to cater to the rapidly changing business environment in the UK and other geographies. Escribe through its Joint Venture ELTA is one of the leading accounting services providers for the licensed trade business.

Oremus currently has a large client base in the USA and India, and Escribe will be a good strategic fit for expanding and catering to the licensed trade business across geographies. Transcription and Data Services capabilities of Escribe will help Oremus integrate and build Data and Document Management Services. The complementing technologies of Oremus and Escribe will provide strong capabilities for converting various forms of information into meaningful data, accounting information and analytics.

"We are delighted to welcome the entire Escribe team to Oremus," said the founders of Oremus. "This acquisition accelerates the expansion of our F&A outsourcing operations into the UK Market. With the addition of Escribe capabilities, Oremus can now meet the requirements of clients in UK."

"Despite Brexit, economic activity hasn't changed, when most firms frown from entering the market, we are taking a bold step of investing in the country. We are doing this because we believe the business fundamentals haven't changed in UK, the next two years will unravel the unknown, however we would be ideally placed to cater to the market with significant cost efficiencies. With our technology and process capabilities, we hope to expand our presence into the SME segment in the UK and secondly add significant value to the Pub accounting business," they added.

Spokesperson for Escribe added, "The acquisition by Oremus will enhance the technology, process and delivery capabilities of Escribe. This will help the company to be the market leader for the SME segment and licensed trade accounting. This transaction will add significant value to all stakeholders, customers and employees."

Terms of the transaction were not disclosed which is a combination of cash and share swaps. Neither company expects any positions to be eliminated during the integration process, which is underway.

Founded in 2002, by Raj Rayaprolu, Bala Padmanabhan and Suresh Gupta, Oremus provides F&A Back office services including Accounting, Payroll, Compliance and Advisory Services from its multiple offices in India, to Clients in the USA, India, Middle East, Europe, Africa and South East Asia.

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Escribe along with its Joint Venture Elta provides accounting services, audio transcription services and data services to large Pubs, Surveyors, Law Firms, Insurance Companies and Loss Adjusters in the UK and Ireland. (ANI-Business Wire India)