Deal Announcement

Technology Holdings is pleased to announce that our client IQ BackOffice has been acquired by the Ayala Group, one of the largest business groups in the Philippines. IQ BackOffice is a leading provider of F&A BPO and HRO services with headquarters in California and offices in Los Angeles and Chennai. The company was ranked in the Black Book of Outsourcing's Top 3 Accounts Payable vendors in 2008 and 2009. Technology Holdings was the exclusive advisor on the transaction.

IQ BackOffice leverages a proprietary platform and transaction based pricing to deliver F&A BPO and HRO services at industry leading margins to over 30 clients in Manufacturing, Distribution, BFSI, Entertainment, Restaurant chains and other verticals. IQ BackOffice entered into the transaction with HRMall Inc, an Ayala Group BPO firm that offers IT-enabled HRO services from Manila. The transaction allows the combination to offer both F&A BPO and HRO services, and significantly enhance its global footprint in the $24 bn F&A BPO and $36 bn HRO industry segments. David Schnitt, the founder and CEO of IQ BackOffice will remain with the company to drive the next phase of its growth.