MANILA, Philippines - Ayala Corp. announced Monday that its outsourcing unit acquired a US firm, which provides finance and accounting backroom services.

HRMall, an investee company of Ayala's business process outsourcing (BPO) firm, LiveIt Investments Ltd., entered into a deal to acquire Los Angeles-based IQ BackOffice.

IQ BackOffice services mid-sized companies in the US with clients who generate revenues of up to $10 billion, Ayala said in a disclosure.

The management team of IQ BackOffice, including its founder and CEO David Schnitt, will purchase a 17.5% stake in HRMall. LiveIt will own the balance of 82.5% of the company and will support the company's strategy to accelerate its growth in US and Asia.

"HRMall will now be able to provide a complete suite of low-cost, best-in-class HR, finance and accounting services to the underserved mid-sized enterprise sector in the US and Asia, through a combination of proven technology, proprietary software and processes, deep domain expertise in multiple industries, and efficient outsourced operations that enable its clients to gain world-class back office capabilities while achieving 30% to 50% annual cost reduction," Ayala said.

Aside from the 30 US firms now included in its client base, HRMall also services members of the Ayala group.