Ovex Technologies

Ovex Technologies

File:Ovex Technologies Logo.png
Type	Private ISO 9000:2001
Industry	Business Process Outsourcing
Founded	2003
Headquarters	Islamabad, Pakistan
Key people	Omar Saeed, Former Chairman & CEO
Revenue	$800 Million homepage = www.ovextech.com

Ovex Technologies, a subsidiary of En Pointe Technologies (NASDAQ: ENPT), is a third-party offshore Business Process Outsourcing (BPO) provider in Pakistan.

In total, it has eight facilities, located in the cities of Karachi, Lahore and Islamabad. The company has also recently opened their new facility located in the 'Blue Area' (the fourth office in the Federal Capital); it is solely dedicated to projects commissioned by PremierBPO. The company's clientele ranges from Fortune 500 companies, to dynamic medium-sized businesses, located primarily in the United States. Major clients include Enpointe Technologies and PremierBPO. Currently, Ovex Technologies employs over 850 employees. The company was established in January 2003.^{[citation needed]}

As of October 1, 2006, 70% of the equity of the Ovex has been acquired by its long-time client En Pointe Technologies,^{[1] [2]} which was the first acquisition made by a US publicly-traded company in Pakistan.^{[citation needed]} The deal was worth $1.68 million; the total amount broke down as $240,000 in cash, $240,000 in form of unregistered common stock shares of En Pointe Technologies, and $1,200,000 of Note Payable (Interest Applicable) due on October 2007. The beneficiary of this trade was the Saeed Brothers, Omar and Arif Saeed.

An agreement may have been reached among En Pointe, the present owners of Ovex, and the original Ovex management, to separate Ovex Technologies (Pvt.) Limited and Ovex Global. Ovex Global is being looked after by Bob Din's son, Ali Din and Kevin Schatzle, whereas the Ovex Technologies business is being led by Omar Saeed's Team.^{[citation needed]}

In the financial year of 2005-2006, Ovex was one of the five companies which contributed the most to the rise in Pakistan's IT exports by value.^[3] Together with United States firm Enpointe Technologies, the company has invested more than $2 million in various IT-related areas in Pakistan as of 2006^[update].^[4]

References

1. ^ "En Pointe Technologies, Inc. Announces Signing of Agreement to Acquire a Majority Interest in Its Foreign Provider of Business Processing Services". MSNMoney. http://news.moneycentral.msn.com/ticker/article.asp?feed=PR&date=20060919&id=6035738. Retrieved 2006-09-19. 
2. ^ "En Pointe buys outsourcing providers". BusinessWeek. http://www.businessweek.com/ap/financialnews/D8K8HNDG0.htm. Retrieved 2006-09-20. 
3. ^ "Pakistan's IT exports hit $72m". Telugu Portal. 5 August 2006. http://www.teluguportal.net/modules/news/article.php?storyid=9608. Retrieved 2006-09-08. 
4. ^ "IT investors meet Musharraf". ITWorldpk. http://www.itworldpk.com/modules.php?name=News&file=print&sid=380. Retrieved 2006-09-08. 

External links

• Ovex Technologies website