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News : Convergys to be Acquired by SYNNEX Corporation
Cincinnati, OH, USA, -- Convergys Corporation (NYSE: CVG), a global provider in customer experience outsourcing, announced that it has entered into a definitive agreement under which SYNNEX Corporation (NYSE: SNX), a business process services company, will acquire Convergys in a cash and stock transaction
Following the close of the transaction, it is expected that Convergys will be combined with SYNNEX’s CRM BPO subsidiary, Concentrix, thereby enhancing the capabilities and talent of both organizations and creating a global customer engagement services company.
Andrea Ayers, president and chief executive officer of Convergys, said, "We are pleased to have reached this agreement, which provides important benefits for all of our stakeholders, including our shareholders, who will receive an immediate premium in addition to value from their equity participation in the growth and synergies resulting from the combination of Convergys and SYNNEX. Convergys clients will be even better served by the combined organization’s increased scale, strong talent, best-in-class analytics, technology, and digital offerings, and a shared commitment to helping them successfully navigate the increasingly complex CX ecosystem. After nearly 30 years at Convergys, I can confidently say that our people exemplify the very best in the business, and they will join a company with highly complementary capabilities and a similar culture. Indeed, we expect Convergys employees to gain expanded career opportunities as part of a larger organization with an enhanced industry-leading position. Concentrix is an ideal partner for Convergys, and we look forward to a seamless transition."
The transaction has been approved by both companies’ boards of directors and is expected to close by the end of the 2018 calendar year, subject to the approval of shareholders of both companies, the receipt of regulatory approvals and other customary closing conditions.
Posted by Veronica Silva Cusi, news correspondent
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More Editorial From Concentrix
Concentrix, a wholly-owned subsidiary of SYNNEX Corporation (NYSE: SNX), is a technology-enabled global business services company specializing in customer engagement and improving business performance for some of the world’s best brands. Every day, from more than 40 countries and across 6 continents, our staff delivers next generation customer experience and helps companies better connect with their customers. We create better business outcomes and differentiate our clients through technology, design, data, process, and people. Concentrix provides services to clients in ten industry verticals: automotive; banking and financial services; insurance; healthcare; technology; consumer electronics; media and communications; retail and e-commerce; travel and transportation; energy and public-sector. We are Different by Design.
About Synnex Corporation:
Synnex Corporation, a Fortune 500 company founded in 1980 by Robert T. Huang based in Fremont, California, is an information technology supply chain services company offering services to original equipment manufacturers, software publishers and reseller customers. The president and CEO, as of November 2008, was Kevin M. Murai.
Published: Tuesday, July 3, 2018
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