The Manila-based consulting and advisory operation will be in place by January 2004. The joint venture will be known as neoIT Philippines.
As Philippine companies continue to win a larger share of the outsourcing contracts, neoIT anticipates US and other leading offshore outsourcing buyer markets, including the UK Australia, and Western Europe to look closely at the outsourcing services available in the Philippines. With increasing support from the government and an active private sector, the Philippines is quickly becoming a strong complementary and diversification alternative to India and other offshore markets for global BPO operations.
"The establishment of a joint venture with a leading, supplier neutral entity like Argosy Holdings gives us a major jumpstart in the Philippines outsourcing market, which is set to take off in 2004," said neoIT CEO Atul Vashistha. "By partnering with Argosy Holdings we’ve selected a joint venture partner that has the advantage of in-depth market knowledge and excellent relationships with key government and industry leaders."
The location of an outsourcing advisory and management office in Manila, signals neoIT’s commitment to the market and underscores its belief that the Philippines will be an important offshore outsourcing destination, poised for significant near term growth. neoIT expects many of its Global 2000 clientele to closely evaluate the Philippines as an outsourcing destination for BPO services. NeoIT Philippines will provide a local market presence and a strong understanding of the local business environment.
"We’re pleased that neoIT selected Argosy Holdings to be its joint venture partner," stated Alfonso S. Yuchengco III, vice-chairman of Argosy Holdings. Our knowledge of the market and local relationships will meet the needs of outsourcing buyers who want ‘feet on the street’ know-how."
neoIT is a buyer-centric advisory firm and does not present any suppliers, thereby ensuring impartiality in assisting clients with global market and supplier decisions. The joint venture with Argosy Holdings will support this "buyer centric, supplier neutral" philosophy, and will provide advisory and management services on behalf of neoIT’s clients.
A presentation by Atul Vashistha, CEO of neoIT, on the future of BPO and the role of the Philippines will be followed by an announcement of the joint venture. The CEO breakfast briefing will take place on Friday, Dec. 19, 2003 from 8:30 a.m. to 10 a.m. at The Peninsula Manila function room, Makati.