Business
Concentrix Announces Acquisition of ServiceSource, a Global B2B Digital Sales Company
Expands B2B sales capabilities, a fast growth area for ConcentrixAdds an attractive client portfolio of leading technology and new economy brandsStrong
About this update from Concentrix Corporation
[{"type":"text","content":"Expands B2B sales capabilities, a fast growth area for ConcentrixAdds an attractive client portfolio of leading technology and new economy brandsStrong financial returns driven by significant revenue and cost synergies, and compelling valuation NEWARK, Calif., May 09, 2022 (GLOBE NEWSWIRE) -- Concentrix Corporation (Nasdaq: CNXC), a leading global provider of customer experience (CX) solutions and technologies, today announced that it has reached a definitive agreement to acquire ServiceSource International, Inc. (NASDAQ: SREV), a global market leader in B2B digital sales, for $1.50 per share in an all-cash transaction valued at approximately $131 million, inclusive of ServiceSource’s net cash. ServiceSource is a global outsourced go-to-market services provider, delivering B2B digital sales and customer success solutions for many of the most innovative technology and new economy brands in the world. The acquisition of ServiceSource will complement Concentrix’ offerings in a high-value, growing sector of the business, servicing strong pent-up client demand. The transaction is expected to be accretive to growth and profitability after synergies. This acquisition marks another milestone for Concentrix, supporting its growth strategy of investing in capabilities that transform and deliver epic customer experiences for the world’s best brands. Following the closing of the transaction, Concentrix will welcome ServiceSource’s expert team who will continue to deliver revenue generation services powered by data insights and methodologies with the benefit of the much larger Concentrix footprint and the opportunity to deliver to Concentrix clients. “We continue to be committed to Reimagining Everything CX for our clients and delivering strong returns to our shareholders through our investments,” said Chris Caldwell, President and CEO of Concentrix. “We’re seeing significant opportunities for growth in our B2B sales business today and ServiceSource’s complementary capabilities and footprint in this space, combined with our leading portfolio of CX offerings, will enable us to quickly and successfully scale to meet demand with existing and new clients.” Transaction Details: Expected contribution with synergies of approximately $230 million of revenue and $38 million of adjusted EBITDA in year one, the first twelve months following the acquisi...