SOURCECORP and HOV Services announce merger

SOURCECORP, a business process outsourcing (BPO) consultancy, and HOV Services, an end-to-end process consulting company, have recently announced a merger.

The new entity will reportedly be one of the largest BPO consulting companies in the market, with 14,200 associates worldwide and $480 million in revenue. The newly-formed company will also serve more than 50 percent of Fortune 100 companies, and its clients will be able to take advantage of more than 80 locations in the U.S., Canada, India, China, Mexico and the Philippines.

"We are very pleased with this transaction and the new possibilities it provides for growth and expanded services for our customers. We deepen our penetration into core industries, expand our global delivery capability, add new products, services and industry expertise; and create scale that is important in this industry," said Ed Bowman, chief executive officer (CEO) and president of SOURCECORP. Bowman will also reportedly hold the positions of president and CEO in the entity formed by the merger.

According to the company website, SOURCECORP was formed in 1994 with the mission of becoming a national provider of outsourced document management services before shifting focus to become a BPO and consulting company around 1999.