Ayala sells stake in BPO

CONGLOMERATE Ayala Corp. has sold its 82.5 percent stake in California-based business process outsourcing firm IQ BackOffice Holdings Ltd. (IQB) to the company’s management team.

The stake in IQB was unloaded by Ayala’s wholly owned subsidiary LiveIt Investments Ltd.

After the buyout, the management team will own 100 percent of the firm after the transaction, Ayala told the Philippine Stock Exchange on Friday.

The firm is engaged in finance and accounting outsourcing as well as human resource outsourcing (HRO).

But the transaction covers only IQB’s finance and accounting outsourcing operations.

“LiveIt will retain the HRO business, which supports many of the Ayala group companies and is considered a strategic asset,” the disclosure said.

IQB has operations in the USA, India, Mauritius and the Philippines.