New York, NY and Hampton, VA, USA, May 16, 2017 -- Faneuil, Inc. ("Faneuil"), a national provider of multichannel customer care and other business processing solutions and a wholly owned subsidiary of ALJ Regional Holdings, Inc. (Nasdaq: ALJJ) ("ALJ"), announced it has entered into an asset purchase agreement (the "Agreement") to acquire the business process outsourcing (BPO) and contact center operations of Vertex Business Services LLC ("Vertex"), a direct customer care provider of contact centers and back-office processes, including billing, collections and business analytics, and installing and supporting cloud-based customer care and billing technologies exclusively for the utilities industry.
Faneuil President and Chief Executive Officer Anna Van Buren stated, "Our acquisition of the BPO and contact center operations from Vertex underscores Faneuil’s commitment to expand our presence and build new capabilities in the utilities sector. The expansion of the utilities sector will continue to be a focus of Faneuil, along with our health, transportation and commercial sectors."
More than 500 employees who service Vertex’s current client programs and operations in Scottsbluff, NE and Kennesaw, GA will be transitioned to Faneuil employment. Ms. Van Buren stated, "Companies are really about people – committed, talented, passionate people who want to be challenged and be part of something meaningful and lasting. We at Faneuil have the highest regard for Vertex and the uncompromising diligence of its employees in caring for and serving its clients’ customers. In many ways, Vertex employees remind us of ourselves in their determination to deliver world class customer service across market segments and industries – a shared commitment characterized by respect, integrity, and a passion for innovation. We welcome the talented Vertex team with open arms. The addition of Vertex’s more than 500 utility services professionals assures clients previously supported by Vertex that the care of their customers remains in familiar, very capable hands."
"The management and employees of Vertex Business Services admire Faneuil’s success in delivering exemplary customer care operations on behalf of its clients," said Andrew Jornod, Vertex Business Services CEO. "We see an exciting future ahead as Vertex focuses and invests exclusively on our software business. We will work together to ensure a smooth transition of the BPO and contact center operations to Faneuil and we look forward to working with them on future projects. "
Jess Ravich, Executive Chairman of ALJ, said, "We continue to execute on our strategy of making strategic investments that are accretive to our shareholders and provide long-term growth across the platform. This acquisition is expected to increase Faneuil revenues by approximately $25 million and EBITDA by almost $3 million over the next twelve months and provides further expansion into new markets."
Posted by Veronica Silva Cusi, news correspondent
Date Posted: Thursday, May 18, 2017
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