Contents
Investment Summary ....................................................................................................3
Summary Thoughts on the Companies .......................................................................5
Industry Overview .........................................................................................................6
Description ........................................................................................................6
ITO Versus BPO ...........................................................................................6
Service Offerings ..........................................................................................6
Delivery Locations ........................................................................................8
Customer Dynamics .....................................................................................8
Market Opportunity ..........................................................................................9
India ...........................................................................................................10
The Philippines ...........................................................................................11
Recent Data Points .........................................................................................12
Other Industry Issues and Trends ................................................................13
Business Models ............................................................................................14
Competitive Framework and Differentiation ................................................15
Investment Considerations and Risks ......................................................................18
Client Concentration ......................................................................................18
Economic Concerns .......................................................................................18
Revenue Predictability and Capacity Utilization .........................................18
Competition .....................................................................................................19
Insider Ownership Reduces Float .................................................................19
Valuation and Recommendation Summary ...............................................................20
Company Analysis
ExlService Holdings, Inc. ...............................................................................23
Genpact Limited .............................................................................................46
Sykes Enterprises, Incorporated ..................................................................67
TeleTech Holdings Inc. ...................................................................................92
WNS (Holdings) Limited ...............................................................................116
Appendix: Other Private and Public BPO Providers ..............................................144