IBM Business Services has formally launched its Philippine operation.
This IBM division comes from the acquisition of Procter & Gamble’s HR shared services center. P&G has also outsourced its global IT infrastructure to IBM competitor, HP. This group is doing Business Transformation Outsourcing (BTO), along with another acquisition IBM Daksh which does customer relationship management (CRM) and call center operations. Daksh opened in the Philippines shortly before its acquisition by IBM.
IBM to expand Philippines outsourcing business quotes IBM executives moving more operations to Manila, with North American clients driving the demand.
IBM’s neighbor in Eastwood City isn’t doing as well. Epixtar Corp has filed for chapter 11 bankruptcy, or reorganization. The CEO says in the press release:
The action is the necessary and responsible step to preserve Epixtar’s value for our creditors, customers, employees, business partners and other stakeholders as we address our financial challenges and work to secure our future.
Of course the release fails to disclose what conditions led to this filing. It could be related to its labor case, or the “cramming” practices done on US consumers. A US stock market analysis site describes it:
Epixtar, a company with over $100 million market capitalization (over $7.10 per share), is a company who laughs in the face of not only the SEC but in the face of the FBI, the US Attorney, many State Attorney Generals, the FCC, the FTC and many other regulatory agencies whose function is to protect consumers from fraud. Their attitude, as you we read for yourself below, is that they will merely pay an insignificant fine for their massive cramming enterprise!
We are outraged at Epixtar’s (OTCBB: EPXR) very existence and remain terribly concerned that they will continue to prey on unsuspecting victims. Epixtar is potentially the most costly and far reaching contrived scam we have ever encountered.