January 25, 2022: Philadelphia, PA
Corporate Advisory Solutions (CAS) is pleased to announce its most recent sell-side transaction within the Accounts Receivable Management (ARM) industry – American Recovery Service Incorporated (“ARSI”) has been acquired by Firstsource Solutions Limited (NSE:FSL). CAS served as the exclusive M&A advisor to ARSI. Terms of the transaction were not disclosed.
ARSI has been in business for over 30 years and is one of the leading players in the ARM industry, providing outsourced receivables management and legal network management services to some of the largest and fastest growing companies, including major creditors and insurance companies. ARSI was being led by Tom Baxter who will continue to assist in the transition.
Per Tom Baxter, President and CEO of ARSI “We are very excited to join Firstsource and help create a truly comprehensive global collections business. Through the merger of our people and technologies, I earnestly believe Firstsource will offer its clients unparalleled service. As a new Firstsource company, we look forward to continuing our 36-year tradition of providing world-class legal network management capabilities to assist in the debt recovery process.”
“This acquisition expands our ‘Digital First, Digital Now’ strategy,” said Arjun Mitra, President of Global Collections at Firstsource Solutions. “Integrating legal experts from the ARSI network throughout the US will create synergies with our best-in-class digital technology that simplifies complexities across our different business lines.”
Michael Lamm, Co-Founder and Managing Partner of CAS remarked, “ARSI’s best in class legal services and technology platform lined up nicely with Firstsource’s plans to build and scale a global ARM platform that offers end to end ARM solutions to its client base. We are anticipating that we will see more ARM transactions like this one in 2022.”
Mickey Kaiser, Vice President at CAS commented, “We enjoyed working with the team at ARSI and we give a lot of credit to Tom for the business he has built. We believe that this combination will be mutually beneficial as ARSI will be able to further accelerate their grow trajectory, and Firstsource will be able to further expand their legal collection capabilities as well as their US footprint”.
This transaction strengthens CAS’ position as a leading provider of Investment Banking services within the ARM sector and more broadly in the global tech-enabled Outsourced Business Services (OBS) sector.
CAS publishes a quarterly newsletter which highlights deal activity and macroeconomic trends within the OBS sector. CAS will be releasing its 2021 Year End Wrap Up at the end of January. Click to view previous CAS newsletters.
About CAS
Corporate Advisory Solutions (CAS) is an independent investment and merchant banking firm based in Philadelphia and Washington, D.C., specializing in M&A, valuation and strategic advisory services for the Outsourced (tech-enabled) Business Services (OBS) sector. Our core markets include Accounts Receivable Management (ARM), Revenue Cycle Management (RCM), and Customer Relationship Management (CRM). The CAS team brings over 40 years of combined M&A, valuation and strategic advisory experience to every engagement, and its members have successfully completed over 100 transactions representing more than $2 billion in deal value within these core markets. Visit our website: Corporate Advisory Solutions
Securities conducted through StillPoint Capital Member FINRA/SIPC, Tampa, FL.
About American Recovery Service Incorporated
ARSI is a nationwide legal collections network based out of southern California. ARSI has been providing legal network debt recovery services to companies since 1986 in the following industries: Financials, Insurance, Leasing, Manufacturing, Distribution, and Retail.
About Firstsource Solutions Limited
Firstsource Solutions Limited, an RP-Sanjiv Goenka Group company (NSE: FSL, BSE: 532809, Reuters: FISO.BO, Bloomberg: FSOL@IN), is a leading provider of transformational solutions and services spanning the customer lifecycle – across healthcare, banking and financial services, communications, media and technology, and other industries. The company’s ‘Digital First, Digital Now’ approach helps organizations reinvent operations and reimagine business models, enabling them to deliver moments that matter and build competitive advantage. With an established presence in the US, the UK, India, and the Philippines, Firstsource acts as a trusted growth partner for over 100 leading global brands, including several Fortune 500 and FTSE 100 companies.