William Blair & Company LLC Analyst Rahul Bhangare says WNS Holdings Limited (WNS) is poised to deliver 12% to 14% growth in 2014. He says at that level it could be the fastest growing company in the business process outsourcing sector.
“It’s more of a turnaround story, actually. If you look back a few years ago, their revenues were contracting because of some client-specific issues and some mismanagement,” Bhangare says. “At that point, the management team was replaced, and the company sourced its new CEO from an IT services vendor named Syntel. They have done a very nice job of cutting the fat.”
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Bhangare says one of the key changes WNS made was to restructure its sales organization. Instead of selling by horizontals like finance and accounting services or procurement services, WNS now sells industry-specific solutions.
“For example, they’ll sell an entire claims management solution that includes finance and accounting, contact center, etc., and they sell those services on a transactional basis,” Bhangare says. “They will charge $1 per claim, for example, instead of charging by a full-time equivalent.”
After implementing that new strategy over the last two to three years, Bhangare says WNS has successfully accelerated growth. He says the company will close 2013 at 9% growth, and he believes WNS is positioned to continue on that upward trajectory in 2014.
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