Convergys completes $820m Stream acquisition

BPM major Convergys today said it has completed the acquisition of Stream Global Services which will help the US-based firm strengthen its position in the $55 billion outsourced customer management services industry.

The acquisition expands the Cincinnati, Ohio-based firm's geographic footprint and capabilities.

Convergys now has 125,000 employees working out of more than 150 locations in 31 countries, speaking 47 languages, it said in a statement.

The company has a significant presence in India with offices across New Delhi, Bangalore, Gurgaon, Hyderabad, Mumbai, Pune and Thane.

When combined, total company revenue is expected to exceed $3 billion, creating the second largest customer management services provider in the world.

Stream's complementary client portfolio will also diversify Convergys' client base with addition of technology, entertainment and communications clients, it added.

"We believe our shared focus on exceptional client service, operational expertise and world-class talent will enable us to quickly integrate and leverage our expanded reach for the benefit of clients, employees, and shareholders," Convergys President and CEO Andrea Ayers said.

In January, Convergys said it would acquire Stream for $820 million in cash from funds managed by Ares Management and Providence Equity Partners, as well as from LiveIt, the BPO investment arm of Ayala Corp.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Exchange managements must distinguish between speculation and gambling

    Every bull run in the Indian equity market raises the spectre of excessive speculation.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Roopen Roy

Building smart cities the Indian way

Today more than half of the world’s population lives in ...

Rajgopal Nidamboor

The biology behind cultivated wisdom

We are our habits and our behaviour. We are our ...

Gautam Gupta

Why must innerwear be our best kept secret?

While women’s outerwear rules the marketing roost in India, unfortunately, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture