Vsource (NASDAQ:VSCE)
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Vsource Appoints Two Key Executives to Launch Human Capital Management Services
LA JOLLA, Calif., Dec. 9 /PRNewswire-FirstCall/ -- Vsource, Inc. (BULLETIN
BOARD: VSCE) , an innovative leader in providing customized global business
process outsourcing (BPO) services to clients worldwide, today announced the
launch of its newly expanded Human Capital Management (HCM) services for small
and mid-market businesses in the U.S. Vsource has selected two industry
veterans, Ted Crawford and Howard Buff, to spearhead the HCM services.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030910/VSCELOGO )
According to Phil Kelly, Vsource Chairman and CEO, the company's entry into the
HCM business reflects Vsource's ongoing commitment to growth and expansion into
new markets to better serve clients around the globe.
"After years of delivering superior BPO services to clients worldwide, we are
truly excited about expanding into the HCM market," said Kelly. "Through our
unique service delivery model, Vsource is able to bring the exceptional service
levels typically reserved for our Fortune 500 and Global 500 clients to small
and mid market business owners."
According to Gartner Dataquest, the human resource outsourcing market is
expected to grow to $55 billion by 2005. "Vsource has developed its HCM
solutions to meet this growing market need," said Braden Waverley, President of
Vsource. "Our HCM services will focus on helping small and mid-market
businesses achieve operational efficiencies and increase productivity, while
reducing cost and risk."
Vsource offers a complete range of outsourced HR solutions, which include: Human
Resource Management; Health and Welfare including a comprehensive medical
package; Administrative Services including payroll and regulatory compliance;
and Risk Management.
Vsource has selected Ted Crawford and Howard Buff to lead the development and
execution of HCM solutions. Mr. Crawford joins Vsource as President of HCM
Solutions and brings tremendous depth of experience in the HR outsourcing
industry. He has held executive positions at leading companies such as
Administaff, Alliance One, and C.S.I.
Howard Buff will serve as Chief Operating Officer of HCM Solutions and will
oversee all operations, insurance and administration functions for the HCM
division. Mr. Buff hails from Administaff and Paychex with over 18 years of
senior management experience within the business services industry.
"We have selected executives with the experience and leadership crucial to
providing the best total HCM services to benefit our clients," said Kelly. "As
we expand our service offerings, these talented individuals will be instrumental
in guiding our efforts as part of our commitment to providing the highest level
of service to small and medium sized businesses."
About Vsource -- Vsource, Inc., headquartered in La Jolla, Calif., provides
customized business process outsourcing (BPO) services to clients worldwide.
Under Vsource Client Outsourcing Solutions (COS), Vsource delivers superior BPO
solutions to Fortune 500 and Global 500 organizations. Vsource COS include:
Human Resource Solutions, Warranty Solutions, Sales Solutions, and Vsource
Foundation Solutions, which include Customer Relationship Management (CRM),
Financial Services, Travel and Expense Claims, and Supply Chain Management
(SCM). Under Vsource Human Capital Management (HCM) solutions, Vsource delivers
Fortune 500 reliability to small and medium-sized businesses in the U.S. HCM
solutions include: HR Management, Health & Welfare, Administrative Services, and
Risk Management. For more information, logon to: http://www.vsource.com/.
Forward Looking Statements: Some of the statements in this release and other
oral and written statements made by us from time to time to the public
constitute forward-looking statements. These forward-looking statements are
based on management's current expectations or beliefs and are subject to a
number of factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements. These
forward-looking statements include, without limitation, statements with respect
to anticipated future operating and financial performance, introduction of
services and growth opportunities expected or anticipated to be realized by
management. Vsource disclaims any obligation to update or revise any
forward-looking statements based on the occurrence of future events, the receipt
of new information, or otherwise. Factors that could cause or contribute to such
differences include, but are not limited to reliance on one client and the
expectation that revenues from this client will decline significantly, a
potential requirement to redeem our Series 4-A convertible preferred stock if we
fail to meet certain conditions by March 31, 2006, our limited experience in the
business process outsourcing business, the new and unproven market for business
process outsourcing services in the Asia-Pacific region, long cycles for sales
of our solutions, complexities involved in implementing and integrating our
services, fluctuations in revenues and operating results, economic and
infrastructure disruptions, dependence on a small number of vendors and service
providers, litigation, and competition. Other factors that may affect these
statements are identified in our previous filings with the Securities and
Exchange Commission.
Vsource is a registered trademark of Vsource, Inc. Vsource Foundation Solutions
is a trademark of Vsource, Inc.
Fortune, Fortune 500 and Global 500 are registered trademarks of Time Inc.
Vsource disclaims any proprietary interest in the marks and names of others.
Vsource Media Relations Contact:
Cindy Kim
Direct: 858.456.4871
Mobile: 619.708.5277
http://www.newscom.com/cgi-bin/prnh/20030910/VSCELOGO
http://photoarchive.ap.org/
DATASOURCE: Vsource, Inc.
CONTACT: Cindy Kim of Vsource, Inc., +1-858-456-4871, or mobile,
+1-619-708-5277,
Web site: http://www.vsource.com/