BPO valuations

Jerry Rao’s Mphasis has an offer from EDS for $382M for 52% - doing some quick and dirty calculations…the valuation must be at $730.76M or 6.3x of revenues, which is way cool and more than that of Office Tiger, which was around 3.4X. Read about the new deal. Here are some past BPO valuations (x times revenues):
Office Tiger: 3.4x
Daksh: 2.6x
Spectramind: 2x
Customer Asset: 1.93x
Gecis: 1.9x
Transworks: 1.3x
Healthscribe: 1.25x