Gecis to Acquire Creditek Corporation, Leader in Enterprise Receivables Management

STAMFORD, CT – Gecis, formerly GE Capital International Services, has announced it is acquiring Creditek Corporation, a leader in Order-to-Cash Cycle and Enterprise Receivables Management, based in Parsippany, NJ. It is Gecis’ first acquisition since GE restructured the company on Dec. 30, inviting private equity firms General Atlantic and Oak Hill Capital Partners to take a 60 percent interest in the firm.

Over the past seven years, Gecis has helped GE achieve significant operational savings while applying Six Sigma and other quality methodologies to improve more than 1,000 processes it manages for the huge multinational. Gecis is now providing business services and technology solutions to more than two dozen global blue chip firms outside of GE.

“There are enormous synergies between Gecis and Creditek that will benefit our customers, especially those seeking comprehensive finance and accounting solutions,” said Pramod Bhasin, president and CEO, Gecis Global.

“Both companies seek to optimize business performance for clients,” he explained, adding that Creditek and Gecis are particularly strong in the healthcare industry. “Creditek’s product expertise and attractive client base offers numerous cross-sell opportunities for us. We are very impressed with the strong management team and believe that Gecis and Creditek can work together to better penetrate the U.S. market as well as bolster the order-to- cash side of our service offerings. In addition, this expands our on-shore presence in the U.S. and will help us better serve our customers.”

Founded in 1982, Creditek is a leader in revenue cycle management, order- to-cash and business process outsourcing (BPO) solutions for major corporations and healthcare companies. Creditek leverages its shared service centers, best practices, and accounts receivable, document management and work-flow automation systems to accelerate cash and working capital for its clients. The company also has niche deductions and exceptions management expertise that will now become part of the Gecis service offering.

Creditek CEO Regina Paollilo said, “We could not have asked for a better partnership for our clients and our associates. Gecis immediately expands its portfolio of BPO services with Creditek’s specialized revenue-cycle platforms, adds to its US-based management talent, and extends its global delivery footprint with US-based operations. Creditek significantly enhances its financial and operational wherewithal with Gecis’ brand, channel, global- delivery capability and rich process experience.”