How Konecta has captured the Spanish-speaking
outsourcing market


Konecta is a market-leading player in Spain and Latin America for Business Process Outsourcing (“BPO”), and adjacent services Outsourced Contact Centre (“OCC”) and Customer Relationship Management (“CRM”). The group is ranked within the top five players globally in the banking and insurance industry. The company operates 67 worksites with 40,000 available seats across Europe, North Africa and Latin America.

A leader in a high-growth market

Konecta is a market leader in a young and fast-growing sector. Its business has evolved from the provision of call centre activities to higher value-added back-office and BPO services, which allow the group to offer a wider array of technical support to its clients.

The outsourcing and offshoring trends among large corporates is here to stay so there is great potential for organic growth.

This sector is fragmented with a number of leading national champions, but as clients demand outsourcing on a global basis, there is a great opportunity for consolidation. This plays to PAI’s proven track record in helping its portfolio companies to internationalise and grow through M&A. PAI also has considerable expertise in outsourcing through its successful involvement with Swissport.

  • 50,000

    employees worldwide

  • 61%

    revenue growth since acquisition

  • 400


  • Learn more about Konecta
  • How did we transform Konecta

    We invested in Konecta on a proprietary basis in December 2015 alongside the vendor Banco Santander. Our ambition was to help accelerate Konecta’s organic growth and implement an active buy-and-build strategy in Spain and internationally, especially in Latin America.

    Our decision to acquire Konecta was based on the sound market fundamentals of the BPO sector and the expected wave of consolidation in the market. We invested with the ambition to become a market leader in Spanish-speaking countries and one of the most advanced players across Europe.

A bespoke partnership

The close relationship established with Banco Santander and Konecta’s management demonstrates the depth of relationships of our country offices.

PAI’s expertise in Business Services proves to be relevant in sourcing attractive investment opportunities outside any intermediated process, and transforming sound companies into market leaders.

  • 50/50  governance

    with Banco Santander

The ambition to build the leader for Spanish-speaking BPO services

Prior to acquisition, PAI had identified a number of actionable acquisition targets in Europe and Latin America. As a consequence, Konecta has been able to acquire two major global players within the first twelve months of ownership: B-Connect and Allus.

These acquisitions significantly reinforced Konecta’s presence in the Latin American markets where it operates. Notably, Konecta has become the leading operator in Colombia and the undisputed leader in Spanish-speaking countries, offering very positive growth prospects and a strong pipeline of acquisitions.

  • +99% EBITDA

    growth since acquisition

Meet the deal team

  • Ricardo de Serdio

    Partner UK Team

    Ricardo de Serdio

    UK Team

    Ricardo joined PAI in 1999 and manages PAI’s Spain Team. He has been involved in a number of transactions including Mivisa, Cortefiel, Swissport and Konecta.

    He started his career at Arthur Andersen in Madrid and subsequently worked at Deutsche Bank in London in the Equity Capital Markets department. He joined Paribas in January 1996 in the Corporate Finance Group, responsible for Spain and Portugal where he advised on numerous Spanish M&A transactions and structured equity offerings for medium-sized companies.

    Ricardo graduated from Saint Louis University with a Bachelor of Science Degree in Business Administration, majoring in Finance, and from the London Business School with a Master’s Degree in Finance. His Spanish, French and English are fluent, and he is conversational in Portuguese.

  • Federico Conchillo

    Partner Spain Team Investment Group

    Federico Conchillo

    Spain Team Investment Group

    Federico joined PAI in 2007. He is a member of the Spain Team and is also the Head of the Investment Group. He has been involved in a number of transactions including Swissport, Cortefiel, DomusVi and Konecta.

    He started his career at the Boston Consulting Group, where he worked for two years. He then spent seven years as a member of the investment banking team at Merrill Lynch in Madrid and London.

    Federico studied Applied Economics at the Katholieke Universiteit Leuven in Belgium and holds an MBA from the University of Chicago GSB. His Spanish, English, Dutch and French are fluent.

  • Laura Muries

    Principal Spain Team

    Laura Muries

    Spain Team

    Laura joined PAI in 2007 as a member of the Spain Team. She has been involved in several transactions including The Nuance Group, Swissport, Grupo Cortefiel, DomusVi and Konecta.

    She started her career at Merrill Lynch in the Investment Banking department in Madrid, working principally with financial sponsor clients on the execution of buy-side, sell-side and IPO transactions.

    Laura graduated in Business Administration and Law from the Universidad Carlos III in Madrid. Her Spanish and English are fluent, and she is conversational in French.

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