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A Paris-based IT services and outsourcing conglomerate, Capgemini, bought a division of Sarasota-based Vengroff, Williams & Associates, in an effort to expand its global presence in commercial debt collections.
Capgemini, an $8 billion firm traded on the Euronext exchange, bought VWA's order to cash unit, which process customer accounts. Terms of the deal weren't disclosed.
A Capgemini statement says the two firms have partnered in the order to cash business for more than a year, with “considerable success.” The statement says the division includes 300 VWA employees.
Longboat Key-based entrepreneur Harvey Vengroff founded VWA in 1963 in New York. The company, which since relocated to Sarasota, has become one of the largest commercial debt collection firms in the world, with more than $25 billion in client assets. Vengroff's son, Mark Vengroff, now runs the VWA.
Robert Williams, the chairman at VWA, will join Capgemini and run its order to cash unit, according to the company's release. Mark Vengroff and Williams couldn't be reached for immediate comment.
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