Demand for offshore business process outsourcing , or BPO, services has grown substantially in recent years. According to the most recent Gartner Report, offshore BPO services are expected to generate revenues of $3.0 billion in 2004, which revenues are expected to grow to approximately $24.2 billion in 2007, a CAGR of 100.6%. The Indian BPO industry is expected to receive approximately $2.0 billion in 2004, or 67.0% of the total offshore BPO market, which revenues are expected to grow to an estimated $13.8 billion by 2007, a CAGR of 90.4%. The main forces driving this growth are the need to control costs and increase operating efficiencies, service capabilities and competitive advantages. Companies also use outsourcing to drive revenue growth by expanding service offerings that otherwise would be too costly to administer or through enhanced receivable collections that would not be cost-efficient to pursue using internal staff. According to a 2004 report published by the National Association of Software and Service Companies (the “NASSCOM Report”), Indian BPO service providers can offer clients cost savings of approximately 40-50% and higher free cash flows through reduced investments in physical infrastructure, telecommunication and equipment. It is believed the demand for BPO services will be primarily led by industries that are transaction-driven and that require significant customer interactions, such as banking, financial services and insurance, or BFSI, telecommunications, healthcare and retail. The high cost of servicing a large number of small customer accounts makes outsourcing a compelling strategic alternative for these industries.

Within the life insurance, property and casualty insurance, health insurance and retirement services business lines, the Company provides services in the areas of claims processing, premium and benefit administration, agency management, account reconciliation, policy research, policy servicing, policy issuance and customer service.

The Company has significant domain expertise in servicing and processing various banking products including residential mortgage lending, consumer finance, retail banking, credit cards, transaction services and other banking services. The Company’s activities include customer service, transaction processing, underwriting support, documentation management and collateral monitoring.

The Company provides certain finance and accounting services, including accounts payables, research, reconciliation of accounts and lock-box accounting. The Company intends to expand its services in this segment to include expense accounting, debit and credit accounting, account consolidation, departmental accounting, account balancing, accounting statements, budgeting and management information systems reporting.

The Company provides early and mid-stage collection activities, generally using automated dialing systems and its proprietary collections system. In addition, the Company uses its proprietary skip-tracing tool to access location information instantly via multiple websites in order to trace people who have moved or absconded without notice to avoid paying debts.

The Company provides a large array of technical service solutions, including e-mail management, customer service and web- and voice-based technical helpdesk functions.

Cost of revenues increased 110.3% from $18.4 million for the year ended December 31, 2003 to $38.7 million for the year ended December 31, 2004.

Gross profit increased 131.9% from $9.4 million for the year ended December 31, 2003 to $21.8 million for the year ended December 31, 2004.

Income from operations has improved from break-even for the year ended December 31, 2003 to income of $5.4 million for the year ended December 31, 2004.