Liberata, a provider of business process outsourcing services to the UK life and pensions industry, has announced a £160 million investment by General Atlantic Partners.
The private equity transaction consists of a primary subscription for new capital in Liberata of £60m and a secondary offer to acquire up to half of the existing shares for up to a further £100m.
Liberata says the primary investment will be used to enhance the company's balance sheet and to help fund further organic expansion and growth through acquisition.
In conjunction with the announcement, Liberata released its financial results for the year ended 31 May 2002. Revenues are up 20 per cent to £181.3m and EBIT from continuing operations up 56 per cent to £11.8 million. Cash generated from operations was £12.5m.
Liberata currently employs approximately three thousand people in 23 business centres and business technology centres across the United Kingdom. The company offers BPO services to government and corporate markets as well as to the insurance, life, pensions and investment industries.
Separately, Liberata has appointed Steve Casey, former co-head of sales and marketing at Swiss Re, to manage the AXA Sun Life account, which includes the migration of 650,000 policies and ongoing administration.