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Acer America
Acer America Corp. is a computer manufacturer of business and consumer PCs, notebooks, ultrabooks, projectors, servers, and storage products.

Location

333 West San Carlos Street
San Jose, California 95110
United States

WWW: acer.com

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Press Releases

June 29, 2018 |

SYNNEX’ Concentrix Division Announces Acquisition of Convergys

Combines Two Industry Leaders to Create a Premier Global Customer Engagement Services Company
Immediately Accretive and Expected to Increase Revenue by ~$2.7 Billion and Adjusted EBITDA ~$380 Million in the First Year After Close
Adds attractive client base in strategic verticals
Enables service delivery from a robust global footprint
Over 6,000 highly skilled credentialed professionals

SYNNEX Corporation (NYSE:†SNX) and Convergys, announced they have reached a definitive agreement in which SYNNEX would acquire Convergys, and integrate it with Concentrix, a wholly-owned subsidiary and top global provider of customer engagement CRM BPO services. The transaction is expected to close by the end of the 2018 calendar year, subject to the approval of shareholders of both companies, regulatory requirements, and customary closing conditions.

This transaction accelerates Concentrix’ leadership position in the industry and creates a premier global customer engagement services company providing next-generation customer experience and business improvements to market-leading brands. Concentrix strengthens its profile in the delivery of high-value services to a strong, diverse client portfolio that includes high growth market-disruptor companies and a strong representation of Fortune 1000 clients. The acquisition brings together a skilled global talent pool both credentialed in operational excellence and highly experienced in strategic verticals and digital transformation services. The geographic reach combined will be one of the most robust global footprints in the industry.

“We continue to be focused on driving superior returns to our shareholders through our investments” stated†Dennis Polk, President and Chief Executive Officer, SYNNEX Corporation. “This transaction is expected to enhance our earning potential while continuing our strategy of investing in high-value services. Following this acquisition, we expect to have a solid leadership position in Technology Solutions and Concentrix businesses, with a more balanced adjusted EBITDA contribution.”

“The pace of change in customer experience requires constant innovation and service transformation, delivered globally, at scale,” said†Chris Caldwell, President of Concentrix. “A unique customer engagement strategy with next-generation experiences and business improvements is critical. Following this acquisition, we believe Convergys will add an amazing team with additional subject matter expertise, thought leadership and innovative execution that will benefit clients. We are incredibly excited to welcome the great talent from Convergys to our Concentrix team.”

Financial Transaction Details:

  • SYNNEX to acquire Convergys for†$26.50†per share, which includes†$13.25†per share in cash and 0.1193 SYNNEX common shares for each share of Convergys common stock, subject to a two-way collar
  • Purchase price of approximately†$2.43 billion
  • Expect non-GAAP EPS accretion of mid-single digits in the first year, reaching double-digits by the second year
  • Expect cost synergies of†$50 million†in the first year, achieving a minimum of†$150 million†by the third year
  • Expect debt to adjusted EBITDA of approximately 3.5x leverage at closing, and expected return to historical levels of 2.5x or less within 18-24 months
  • Secured committed financing for the purchase price and to maintain appropriate liquidity for ongoing working capital needs

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