Transactions

O’Connor-Ravell Associates, Inc., a commercial accounts receivable management firm based in New Jersey, was acquired by Commercial Collection Corporation of New York.

TSYS Total Debt Management, Inc., an ARM service provider and a division of TSYS (NYSE: TSS) was acquired by NCO Group.

Astra Business Services, a U.S. debt collection firm which operates two call centers in Gurgaon and Dehradun, India was acquired by Central Credit Holdings, Inc, parent company of Central Credit Services, an accounts receivable management solutions provider headquartered in Jacksonville, FL.

National Credit Systems (NCS), a Georgia-based debt collection agency specializing in apartment and rental collections has acquired Rapid Collection Systems (RCS), an Arizona collection agency that also serves clients in this sector.

Greystone Alliance, LLC. was formed to acquire the assets and facilities of Elite Recovery Services, a debt collection firm in Buffalo that ceased operations.

United Recovery Systems, L.P., a debt collection agency specializing in bank card / credit card contingency collections, was acquired by Audax Group, a private equity group providing investment capital for middle market companies.

Kyle Shanahan and Larry Goldman, longtime industry professionals, acquired Eastern Revenue, Inc., a third-party collection agency based in Audubon, PA.

Fidelis Recovery Solutions, Inc., a third-party contingency collection agency based in Marietta, Georgia, was acquired by industry veteran, Dennis Cunningham.

Northland Group, a business process outsourcing provider focused on accounts receivable management and collection services, was acquired by Mason Wells, a leading Midwest-based private equity firm.

Teleperformance (Euronext: FR 0000051807), the world's co-leading provider of outsourced CRM and contact center services, acquired AllianceOne, a leading U.S. Accounts Receivable Management (ARM) company.

Great Seneca Financial Corp., purchaser of charged-off consumer debt, sold a $6.9 Billion debt portfolio to Asta Funding (NASDAQ: ASFI) for $300 million. At the time, it was the largest debt sale, in terms of purchase price, ever conducted in the industry.

Mutual Hospital Services, a not-for-profit healthcare collection agency, was sold to Kadent Corporation (formerly ARM Holdings, Inc.).

Premium Asset Recovery Corp., purchaser and collector of charged-off consumer debt, sale to Asset Acceptance Capital Corp. (NASDAQ: AACC).

Hilco Receivables sale of a substantial minority stake in to an undisclosed investor.

Financial Asset Management sale to American Capital Strategies (NASDAQ: ACAS).

Risk Management Alternatives sale to NCO Group.

Portfolio Management Group sale to Aktiv Kapital (OSLO: AIK.OL).

Alatax, Inc., a privately held company that specializes in government receivables management, sale to Portfolio Recovery Associates, Inc. (NASDAQ: PRAA).

Sallie Mae Corporation's (NYSE: SLM) acquisition of Arrow Financial Services, a leading debt purchasing and accounts receivable management (ARM) company.

Helped formulate and implement Vertex's entry into the U.S. debt collection industry with the acquisition of First Revenue Assurance. Vertex is a division of UK-based United Utilities (NYSE: UU).

West Corp's (NASDAQ: WSTC) strategy to enter the ARM industry, resulting in the acquisition of Attention, LLC.

Account Solutions Group sale to ICICI OneSource, an India-based BPO company. This transaction marks the first time an Indian firm has acquired a U.S. collection agency.

Western Wats Center, Inc. (WWC), the largest independent quantitative market research firm in the US, sale to American Capital Strategies, Ltd. (NASDAQ: ACAS).

Signia Partners, Inc., a leading market research firm, sale to FIND/SVP, Inc. (OTCBB: FSVP).