Saltflow, Inc., a Dubai, United Arab Emirates-based group, owning and operating businesses in the technology, construction, trade and retail industries, recently announced its plans about exiting the Information Technology (IT) outsourcing business by mid-2012.
Going by the slower growth forecasts for the IT outsourcing industry, Saltflow has decided to split and sell off its Washington, D.C. services operations, which, according to the company has been performing slower than expected. The company?s global technology operations are currently controlled by a Moscow subsidiary.
Saltflow?s Moscow-based technology group controls a range of Internet companies primarily targeted at financial and mobile solutions for consumers. Its Beijing-based trade subsidiary directs a variety of large-scale ventures in international commerce. The Dubai-based construction arm works on commercial projects within the United Arab Emirates and internationally in China and Europe. The North American retail division principally grows via manufacturing acquisitions within the United States and Canada.
?Our Washington, D.C.-based outsourcing arm has been performing slower than we expected. I attribute that more to the lack of management interest than anything inherently wrong with the business itself. We may come back with an acquisitions-driven strategy in perhaps 2-3 years. We will definitely not be selling the core international entities and infrastructure that are controlled by the Washington, D.C. company. Infrastructure retention is critical to successfully running some of our Internet-driven models in many of the countries in which the company operates. It will likely be the service-focused units only, but exactly what we are selling is yet to be determined,? technology VP at Saltflow Zubair Nazir, explained in a statement.
The company has worked out a clear strategy for the proposed unit sell-offs, executive chairman Arif Ayub revealed. The company is anticipating capital injection from some Asian equity firms in the upcoming months and for that the company has decided to wait for a few months for getting the right bid. The outsourcing units in their current form should fetch $100-200 million after the capital injection, according to the company management.
?We will utilize the proceeds to further strengthen our Moscow-based operations, as well as keep significant funds within the Washington, D.C. arm to continue to expand the infrastructure that we utilize to deliver our Internet products in additional countries,? Ayub noted in a statement.
Earlier this month, Saltflow announced that Executive Chairman Arif Ayub will meet with regulators in Moscow next week to receive first-hand recommendations on the planned expansion of critical data-centric Internet applications into Russia.
Source:http://call-center-outsourcing.tmcnet.com/topics/call-center-outsourcing/articles/213331-uae-based-saltflow-planning-outsourcing-business-unit-sell.htm
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