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Randy Altschuler

Randy Altschuler

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Published by: americanbridge on Aug 01, 2012
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07/21/2013

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RANDY ALTSCHULER 
 
Randy Altschuler made millions by putting American workers out of a job. In 2000, Altschuler founded OfficeTiger,an outsourcing company that performed office work for American companies in India. Altschuler’s his own clients said OfficeTiger allowed them to hire fewer employees. Altschuler was an enthusiastic proponent of the outsourcing industry,with press reports describing him as “devoted to making outsourcing happen” and “undermining the assumption that only the manufacture of goods, not the provision of services, could be exported.” Altschuler’s business partner said that OfficeTiger hoped “to be leading the move of white-collar jobs from the U.S.” Additionally, Altschuler’s companies  failed on numerous occasions to pay the taxes they owed.
 Altschuler Made A Fortune By Outsourcing American Jobs
 ALTSCHULER’S BUSINESS OFFICETIGER PERFORMEDOUTSOURCED OFFICE WORK FOR AMERICAN COMPANIES
OfficeTiger Went Beyond Outsourcing “Call Centers Or Back-Office Work Of SecondaryImportance” And Instead Convinced Companies To Outsource “Core Functions” ThatRequire “OfficeTiger Professionals To Apply Their Judgment.”
According to eBusinessForum,“While most BPO companies thrive on call centres or back-office work of secondary importance,OfficeTiger has targeted the high-end segment, offering knowledge-based outsourcing that isindustry-focused, “judgment-based” and supports core functions of a client’s business. These aremission-critical services, requiring OfficeTiger professionals to apply their judgment–such aspreparing a key presentation for a US chief financial officer within an hour, providing audit supportfor a global accounting firm or undertaking financial research and analysis for bankers.[eBusinessForum, 3/22/06]
eBusiness Forum: OfficeTiger Sold The Idea That U.S. Companies Should Outsource“Office Functions Considered Critical.”
According to eBusiness Forum, “Initially, it was not easy for OfficeTiger to sell the idea to US companies that they should outsource office functionsconsidered critical. While companies were used to the outsourcing of information technology (IT)support services, routine clerical work, and well-defined functions like customer support through callcentres, core office functions were always handled in-house. However, over time, OfficeTiger wasable to convince more and more companies about the benefits of outsourcing these functions.OfficeTiger continues to focus on judgment-based outsourcing services such as print and publishing solutions (from concept through design and composition to pre-press services and release-to-print),research and data analytics (such as business information services, financial analytics and strategicmarket research) and financial management services. That OfficeTiger offers “real-time” solutions isevident in that about one-third of its assignments are delivered in less than an hour.[eBusinessForum, 3/22/06]
 
 
 Altschuler Said OfficeTiger Employees Did “Very Analytical Work…Not Just Black-And- White Rote Transactional Work.”
According to American Banker, “Workers at OfficeTiger'sfacilities in Chennai, India; Colombo, Sri Lanka; and the Philippines already do ‘“very analytical work,’ such as modeling cash flows for investment bankers, said Randy Altschuler,a co-founder andco-chief executive of OfficeTiger, which is based in New York. ‘It's not just black-and-white rotetransactional work.’” [American Banker, 9/12/05]
OfficeTiger Provides Support Services To Companies And Firms, Including Data Analytics And Research, Transaction Processing, Pre-Media And Financial Management.
According toSecurities Industry News, “The company offers four categories of support services to investmentbanks, law firms, consulting and accounting firms and others: data analytics and research, transactionprocessing, pre-media and financial management. Data analytics and research includes businessinformation services, strategic market research, data analytics and financial analytics, while transactionprocessing supports the digitization, processing, access and management of electronic content. Pre-media services involve preparation of documents from creative and design stages to word processing and desktop publishing. Under financial management the company supports and standardizesspecialized finance and accounting functions, including financial reporting, internal financial analysis,payables and receivables management, and billing and invoicing.” [Securities Industry News,4/18/05]
OfficeTiger's Clients Include Seven Of The 12 Largest Wall Street Banks, A Big Four Accounting Firm, And Other Major Companies.
 According to the New Yorker, OfficeTiger'sclients included ”seven of the twelve biggest banks on Wall Street...Office Tiger also performed work for a Big Four accounting agency, several white-shoe Northeastern law firms, an insuranceconglomerate, two large publishing concerns, a Madison Avenue advertising agency, globalmanagement consultancies, and other enterprises whose identities were not divulged to workers of the resume-typing rank.” [New Yorker, 7/5/04]
New Yorker: OfficeTiger “Undermin[ed] The Assumption That Only The Manufacture Of Goods, Not The Provision Of Services, Could Be Exported.”
According to the New Yorker,“And, by the time Randy and Joe turned thirty and outsourcing had become a term of art, they wereundermining many of the assumptions that Americans try to nurture while watching their nation'sjobs go overseas...One false assumption had been that only the manufacture of goods, not theprovision of services, could be exported.” [New Yorker, 7/5/04]
Newsday Reported Altschuler And His Partner Sold OfficeTiger For $250 Million.
According to New York Newsday, “Bishop’s sharpest attacks focus on Altschuler’s former company OfficeTiger, which supplied back-office jobs from Asia to American and foreign companies. Altschuler and a partner later sold the company for $250 million.” [New York Newsday, 9/15/10]
 ALTSCHULER WAS AN ENTHUSIASTIC BOOSTER FOR OUTSOURCING
 Time Magazine: Altschuler Is “Devoted to Making Outsourcing Happen”
According to TimeMagazine, “Another factor speeding things up is the development of an industry devoted to making outsourcing happen, thanks to entrepreneurs like Randy Altschuler and Joe Sigelman. Just five yearsago, they were junior investment bankers at the Blackstone Group and Goldman Sachs, one in New  York City, the other in London. During one particularly long night of proofreading PowerPointslides and commiserating by phone about finding yet another error courtesy of their companies' in-
 
house document service, they had an epiphany. They would find a better way of doing that work. This was at the height of the dotcom boom, and everyone they knew was trying to figure out a way to Silicon Valley. These two had a different idea. They would go to India, set up a team of accountants and desktop-publishing experts and persuade investment banks in New York tooutsource their confidential financial documents and client presentations halfway around the world.”[Time, 3/1/04]
Business Times Singapore: Altschuler And His Business Partner “Jumped Aboard TheOutsourcing Train, Destination India.”
According to the Business Times Singapore, “Whilehighly-paid Wall Street analysts mutter darkly about losing their jobs to bright young sparks working out of New Delhi or Mumbai, two Harvard Business School buddies have simply jumped aboard theoutsourcing train, destination India. Joseph Sigelman and Randy Altschuler started Office Tiger, aChennai-based outsourcing company.” [Business Times Singapore, 8/23/03]
 Altschuler Described OfficeTiger’s Brand Of Outsourcing As “The Soup Du Jour. It’s WhatEverybody Wants Right Now.”
 According to Investment Dealer’s Digest, “Not surprisingly, anumber of outsourcers-firms founded by U.S.-trained consultants, technology experts andinvestment bankers but with operations in India-have sprung up to meet the growing demand. "Thisis the soup du jour. It's what everybody wants right now," says Randy Altschuler, who worked in theBlackstone Group's real estate private equity group before co-founding Office Tiger B.V. , a New  York-based outsource firm. [Investment Dealer’s Digest 11/3/03]
OfficeTiger Co-CEO Joe Sigelman: “We Hope To Be Leading The Move Of White-Collar Jobs From The U.S.”
 According to the Los Angeles Times, Sigeleman said “We hope to be leading the move of white-collar jobs from the U.S.” [Los Angeles Times, 8/29/04]
 Altschuler Estimated That 10% Of The Work At Top Law Firms Would Be ShippedOffshore.
According to Crain’s New York Business, “'Since the practice is relatively new, statisticshave yet to be gathered on its growth. But it represents a huge potential market. The country' top 200law firms spend more than $20 billion a year for back-office work' according to Randolph Altschuler,chief executive of Manhattan-based outsourcing firm OfficeTiger. He says that at least 10% of that work might be shipped offshore in the next few years.” [Crain’s New York Business, 9/13/04]
 Altschuler Claimed OfficeTiger Allowed Other Corporations To Free Their Employees FromGrunt Work.
According to New York Newsday, “Altschuler said the company did not outsource American jobs but supplied back-office services so firms in this country and elsewhere could freetheir workers from grunt work, so they could be more productive. Bishop backers respond that Altschuler can't back away from years of interviews and videos in which he touted his firm'soutsourcing prowess.” [New York Newsday, 9/26/10]
 Altschuler Described Outsourcing As “A Strategic Enabler And A Means To IncreaseProfitability.”
According to a Hildebrandt International press release obtained via Business Wire, Altsculer said, “We've seen a dramatic increase in the number of requests for outsourced legalservices in both the US and UK, which indicates that the legal industry is beginning to embraceoutsourcing as both a strategic enabler and a means to increase profitability.” [Business Wire,6/7/04]
 Altschuler Defended OfficeTiger And Claimed His Company Allows Other Companies TheOpportunity To Reinvest In American Workers.
According to a transcript of “CNN In TheMoney,” Altschuler was asked “Randy, obviously this outsourcing thing has become a tremendoushot-button topic. A lot of people are pointing fingers. I'm a real free market guy. I don't have aproblem with what you guys are doing. But how do you respond to people who say you are un-

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