updated 10/5/2010 6:16:20 PM ET 2010-10-05T22:16:20

NEW YORK, Oct. 5, 2010 (GLOBE NEWSWIRE) -- iQor Holdings Inc., a global provider of business process outsourcing (BPO) services, today announced it has received an undisclosed majority investment from US-based Huntsman Gay Global Capital and a group of investors, including a subsidiary of Starr International Company, Inc. and Guggenheim Investment Management. The current management team will remain in place and retain a significant ownership stake.

The investment will materially strengthen iQor's capital position and be instrumental in the continued development of TeQ21®, iQor's fully-integrated, ERP and cloud computing technology suite.  The award-winning TeQ21 suite has been integral in helping iQor achieve market-leading performance while driving significant improvements in customer service, compliance and corporate profitability.

"Over the past three years, iQor has invested in game-changing infrastructure and application technologies that have completely transformed this company," said Vikas Kapoor, President and Chief Executive Officer of iQor. "This transaction enables us to accelerate deployment of our TeQ21 technology platform internally as we build even more powerful tools to improve our service offerings."

TeQ21 is an internally developed suite of fully-integrated systems consisting of several hundred modules. Some key highlights include:

  • radiQloud:  the most advanced cloud infrastructure anywhere—with 100% virtualization of desktops across five countries
  • worQbar:  a soft phone with advanced telephony capabilities that launches from any location over the internet
  • proQor:  an advanced suite of HR applications encompassing an employee's full career cycle—including social networking capability for recruiting and training
  • fitraQ: a financial suite which automates all functions in finance, including accounting journal entries
  • Qorus:  a multi-channel CRM application which embeds compliance rules to eliminate human error

iQor is a leading technology-driven outsourcing within the BPO industry. Based in New York City, iQor operates 21 centers globally across North America, UK, the Philippines, and India. iQor's longstanding clients include Fortune 1000 companies and government agencies in a wide range of industries including financial services, telecommunications, government and utilities.

"iQor has built a differentiated and highly efficient operating model based on automated business processes," said Gary Crittenden, Managing Director of Huntsman Gay Global Capital. "We look forward to working with Vikas Kapoor and iQor's management team to leverage the Company's proven model and other strengths to expand the business."

About iQor

iQor ( www.iqor.com ) provides business process outsourcing to some of the best-known companies in the world from 21 Centers of Excellence in five countries.  iQor's 11,000 employees work with state-of-the-art technology that affords maximum flexibility to iQor customers to tap the best skills of a global workforce. It serves clients from a range of industries including financial services, telecommunications and government. Its services include customer care, customer retention and revenue recovery.

About Huntsman Gay Global Capital

Huntsman Gay Global Capital is a private equity firm that brings unrivaled experience to the middle market—offering all the advantages of both a strategic and a financial buyer in one firm. Co-founded by Jon M. Huntsman, one of the world's leading industrialists, and Robert C. Gay, a former managing director of Bain Capital, the firm focuses on middle market leveraged buyouts and growth equity investments. For more information, please visit www.hgequity.com.

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