Winner, Business Process Outsourcing
After researching new business opportunities for two years, Ed Bowman finally took the plunge in 1995 with a lofty goal to consolidate a highly fragmented industry and develop a winning business model that didn’t exist before.
His big idea was to create the first national single-source provider of document management services, beginning with a roll-up IPO and then followed by an industry consolidation through acquisition. He made approximately 30 proposals to target companies but most were rejected. Finally, seven companies agreed to be acquired concurrently if the money could be raised to acquire them.
In 1996, Bowman secured the funds, plus capital for future acquisitions, and in a single day, he transitioned from a concept with no operations into a $48 million public company with operations in seven metropolitan areas and multiple services.
Dubbed SOURCECORP, Bowman subsequently completed 65 additional acquisitions, executed an aggressive integration program and transformed into a group of strategic business units.
By 2002, SOURCECORP was on a lightning-fast growth curve and Bowman adjusted the company’s strategy to become a business process outsourcing and consulting business, which led to the difficult decision to divest a group of noncore companies that did a combined $130 million in revenue.
Further focused on six core markets, Bowman wasted no time in finding ways to go wider and deeper with clients, making SOURCECORP the go-to business in class-action claims settlement and administration, acute care medical record coding, labor and employment legal economic consulting, BPO imaging and workflow services, statement processing, and LIFO tax processing.
Over the next four years, Bowman continued to grow the company. Then in 2006, he, his management team and a private equity firm took SOURCECORP private. Today, the company employs more than 4,400 people and contractors in 40 locations in the U.S., Philippines, Mexico and India. And, it is a key partner to clients in the health care, financial services, government, commercial and legal industries.
How to reach: SOURCECORP Inc., www.srcp.com
