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ALJ Regional Holdings, Inc. Enters into Definitive Agreement

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New York, NY, USA, Dec. 22, 2021 -- ALJ Regional Holdings, Inc. (NASDAQ: ALJJ) ("ALJ") announced that it has entered into a definitive agreement to sell the tolling and transportation and health benefit exchange verticals of its wholly owned subsidiary, Faneuil, Inc. ("Faneuil"), to TTEC Holdings, Inc. (NASDAQ: TTEC) ("TTEC"), a global customer experience ("CX") technology and services provider for end-to-end digital CX solutions. 

Other Faneuil verticals, including its utilities, non-health benefit exchange, commercial and other verticals, as well as Vistio, a wholly owned subsidiary of Faneuil, which incorporates software tools and methodologies to improve and optimize the contact center agent experience, will remain at Faneuil and Faneuil will continue to operate as a wholly owned subsidiary of ALJ.

The transaction is expected to close during the first calendar quarter of 2022, subject to customary closing conditions and regulatory approvals, including clearance under the Hart-Scott-Rodino Act by the Federal Trade Commission.

"This exciting partnership offers us the ability to provide our core clients many opportunities to leverage broader industry capabilities including scalability and security of our IT technology, workforce management, and the ability to leverage near and off–shore recruiting resources," said Anna Van Buren, President and CEO of Faneuil. "This acquisition stands as a testament to the strength of the Faneuil business and brings together two management teams with extensive CX expertise to better serve our customers. We look forward to working with the TTEC team to complete the transaction and ensure that we continue to deliver the highest quality service to our customers. Both Faneuil and TTEC anticipate a seamless transition for customers and employees, and a quick enhancement to our existing customers in the new year."

"We are very pleased with this partnership with TTEC as it creates synergies for both Faneuil's transitioning and existing customer base and will facilitate additional growth opportunities for Faneuil," added Jess Ravich, Chief Executive Officer of ALJ.

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Posted by Veronica Silva Cusi, news correspondent
Source: https://www.prnewswire.com

Date Posted: Friday, December 24, 2021



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