India-Based Symphony Data Acquired by Atlanta-
Based Provider of BPO Services
February 16, 2005
STI Knowledge (STI) today announced it has acquired Symphony Data, an India-based
business process outsourcing (BPO) company with offices in Hyderabad. The acquisition
is integral to STI's strategy and enables the Atlanta-based provider of BPO services, led
by noted technology entrepreneur, Satish Sanan, to offer healthcare administration,
claims processing, customer interaction, technical help desk and other vertical industries'
knowledge-based services through a blended-shore delivery model. By combining forces
with Symphony Data, STI can offer on-site, off-site (on-shore) and now, off-shore BPO
services, providing more delivery options to accommodate all customer needs and
budgets.
"This acquisition is a key strategic initiative for STI Knowledge," said Satish Sanan, STI
executive chairman, president and chief executive officer. "We are focused on improving
our customers' business performance and profitability. Offering an off-shore option is a
significant step in delivering on that vision, and helps us proactively meet demand for
quality BPO services for the benefit of our growing client base in this increasingly
important market space."
Sanan is a highly regarded and established entrepreneur, who founded his first company,
IMRglobal, in 1988. As Chairman and CEO of IMRglobal, Satish grew the company
from its modest beginnings into a major, international IT services and consulting firm.
Satish took IMRglobal public in the U.S. in 1996, continued to grow IMR to employ over
3,000 employees, and merged the company in 2001 to CGI, after which he continued on
as Vice-Chairman and President of the U.S. and Asia Operations. He was awarded the
Ernst & Young Florida Entrepreneur of the Year award in 1998 and 1999, and National
Entrepreneur of the Year in 1999. Sanan is credited with being the first to leverage the
24-hour workday through opening global offices and utilizing concurrent software
engineering.
Symphony Data is a leading provider of healthcare administrative and BPO services with
a particular expertise in the provider, payor and insurance industries. Like STI
Knowledge, Symphony Data leverages a team of knowledge professionals, process
optimization expertise and state-of-the-art technology to provide BPO services, technical
help desk and interactive services with an unsurpassed level of quality. Symphony Data
currently serves PPOs, HMOs, TPAs, and MGUs processing more than six million claims
per year. Ram Davaloor, currently the chief operating officer of Symphony, will join STI
Knowledge as a member of their executive management team.
"We are extremely pleased to be a part of STI. We have a strong business synergy that
will help us combine our capabilities to deliver the highest level of benefits to our clients,
and to help us meet growing demand for BPO services," said Davaloor. "We look
forward to being part of a larger, stronger global BPO services organization offering
blended-shore delivery that will truly make a difference in the marketplace."
About STI Knowledge
STI provides Business Process Outsourcing (BPO) services and Enterprise Support
solutions for the healthcare, insurance, and commercial enterprises industries. STI helps
its customers improve their business performance and profitability by delivering
guaranteed business process outsourcing services ranging from claims processing to
technical help desk. By optimizing these knowledge-intensive services, STI enables
customers to focus on their core business. Headquartered in Atlanta, Georgia, STI was
founded in 1995 and employs approximately 350 professionals throughout the United
States. STI is currently recognized in Gartner Group's Magic Quadrant of Help Desk
Outsourcers for the second consecutive year. For more information, visit
www.stiknowledge.com.
About Symphony Data
Symphony Data is a leading healthcare and insurance administrative outsourcing and
information management services provider, based in Hyderabad, India. The company
leverages technology; economies of scale and a global delivery model to provide
complete health plan administration services. Service offerings focus on administration,
compliance, and technology, combining Six Sigma & ISO 9001 methodologies and
technology with domain expertise to deliver significant value to healthcare and insurance
organizations. For more information, visit www.symphonydata.com.
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