CPP acquires stake in Indian business process management firm Globiva

13th Sep 2018 10:25

(Sharecast News) - CPP has looked to expand its interest in India with a strategic investment in local business process management outfit Globiva.The AIM-listed firm decided to invest £2m for a 61% stake in Globiva, which it said was one of the fastest growing business process management companies in India.CPP currently has a live customer base of roughly 5m in India - a figure it said was "growing rapidly" through its relationships with a wide range of business partners in the retail banking and non-banking financial services sectors.Globiva has seen "promising business development and significant growth" since its inception in 2017.CPP chief executive Jason Walsh said: "The group's strategy is to invest in and support parts of the business which present the best opportunities for long-term growth and we see India as leading that charge.""This deal fits very neatly with that strategy and is aligned to overall growth ambitions for CPP India, which will see it account for an increasing proportion of the group's top line revenue over the next three years."As of 1020 BST, CPP shares had slumped 9.62% to 9.40p.