Costa Mesa, CA (PRWEB) June 19, 2006
Secova/UltraLink, a leading provider of human resource and benefits management services, today announced it has secured eight million in new funding from Baring Private Equity Partners (BPEP), a leading international private equity fund. The new funding will be used primarily for growth initiatives, including sales, marketing and business development, as well as servicing new business signed on in the recent past.
Secova/Ultralink’s wins in the last two months include a Fortune 500 client and a billion dollar client with 20,000 employees.
“Industry response to the best shore offer of Secova/UltraLink has been extremely positive as demonstrated by our new funding and new clients,” said Venkat Tadanki, Co-Founder and Chief Executive Officer of the company. “We’ve already demonstrated our combined ability to leverage our technology, global delivery centers and best-in-class processes to deliver to clients uniquely customized and integrated HR and benefits administration outsourcing services. The new funding from Baring will allow us to be even more aggressive in our pursuit of new clients, delivering our unique HRO capabilities to a wider spectrum.”
“We believe there is a huge opportunity in leveraging global resources for HRO, and our investment into Secova/UltraLink is a reflection of that conviction. Their recent wins have only provided us with further validation and we remain strong supporters of their vision,” said Rahul Bhasin, Managing Partner of BPEP (India). “The combined company’s ability to deliver an integrated, customized solution provides an important competitive differentiator, and at the same time, enhances the ability of their clients to drive business performance. The company has certainly demonstrated an excellent track record of augmenting their client’s internal HR departments by deliver outstanding employee service, cost effectively. We expect Secova/UltraLink will make a significant impact on future HRO practices within the industry.”
A Full Suite of HR & Benefits Management Services
Processing more than 80 million eligibility records, almost $1 billion in healthcare premiums, and managing over 450 vendor/carrier relationships annually on behalf of its clients, the company helps clients reduce costs and streamline their HR processes. The Secova/UltraLink combination offers a group of comprehensive services -- from Benefits Enrollment and Administration to Absence Management and beyond -- including Benefits Auditing, Benefit Plan Management, COBRA Administration, Employee Communications, HR Support Services and Payroll. All of the administrative functions can be available 24 hours a day, 7 days a week, as individual outsourced services or as total HRO/BPO processes -- delivered cost-effectively through multiple service centers located globally.
About Baring Private Equity Partners
Founded in 1984, Baring Private Equity Partners has a long history and rich heritage of entrepreneurial initiative that began nearly two decades ago when the firm became one of the first pan-European providers of private equity capital. The firm invests in every major market via seven regional fund groups with local investment teams in Europe, Asia and Latin America. With approximately $3 billion in funds under management, Baring Private Equity International has one of the most extensive on-the-ground networks of any international private equity provider. Baring Private Equity International finalized its MBO from parent company ING Group in August 2004. In India, Baring Private Equity Partners was established in 1997 and is one of the best-performing funds of its vintage in Asia. With a team of eight investment professionals based out of Delhi, the firm actively partners with companies to help them achieve global
scale. More information can be obtained at http://www.bpepindia.com.
Secova/UltraLink delivers HR and benefits management services focused on helping clients control and drive down the costs of their health and welfare benefits offerings. While many outsourcing solutions modify pre-set vendor/service programs, the merged company offers a distinctive, flexible approach, tailoring services to an employer's individual needs. Our “Best Shore” strategy allows us to shape each solution based on our clients’ corporate goals and strategies, utilizing each of our locations to deliver the solution that provides the best value, both in quality and cost – a new approach for mid-to large market companies looking to streamline their HR and Benefits Management operations. For more information, visit the company’s websites at http://www.UltraLink.com and http://www.secova.com.
This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.
# # #