The Outsourcing Week in Review (Mergers & Acquisitions): July 12, 2023

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Welcome to Inside Outsourcing: The Outsourcing Week in Review


Wednesday means M&A! We’ve got some big deals happening, high-stakes deals, and impressive expansions. We’ve got the BPO M&A world covered.

Congratulations are in order for Concentrix! The BPO giant got approval from India’s Competition Commission (CCI) for the indirect acquisition of Marnix Lux. If you’re unfamiliar with the name, Marnix Lux is the parent company of Webhelp, an established player in the BPO, CX, and specialized services arena, with $3 billion in revenue and 125,000 employees in over 58 countries and 2,000 clients.

Now, if you’ve got an eye for the numbers, you’ll be interested to hear that this deal hands Marnix Lux’s shareholders a cool 22% ownership in the newly formed combined entity. This development follows a Concentrix-Webhelp merger valued at a hefty $4.8 billion. While further details are still under wraps, the news marks a significant milestone for Concentrix, a company already employing 290,000 people across 40 countries on six continents. In 2022, Concentrix reported revenue of $6.32 billion, with a 13% increase from the previous year.

In another exciting development, Data Storage Corporation (DSC) has bagged a substantial multi-million-dollar contract with a global business process solutions provider. The name of this BPO provider remains undisclosed. DSC’s subsidiary CloudFirst will cater to the client’s cloud-based infrastructure and data recovery needs as part of this contract. With regional data centers across North America, DSC offers an integrated suite of cybersecurity, cloud infrastructure, and voice and data services.

In other news, IT solutions provider Hexagon has made a strategic move by acquiring CADS Additive, a provider of software components for metal additive manufacturing. CADS Additive simplifies 3D printing on powder bed fusion machines, and this acquisition expands Hexagon’s Nexus digital reality platform, offering a complete suite of tools for various manufacturing processes. Hexagon, with over €5.2 billion ($5.6 billion) in revenue and a strong workforce of 24,000 globally, is a formidable player in the industry.

Another spotlight is on customer experience (CX) firm TTEC. The company recently inaugurated its new Digital Innovation Studio in Hyderabad, India. This hub aims to enhance its development and integration capabilities with leading CX technology platforms. Since launching operations in India in 2020, TTEC has doubled its workforce yearly, employing over 500 individuals in Hyderabad. They’re also making strides in workforce diversity, targeting to increase their female employees to 40% by 2023. TTEC continues to impress with around 65,000 employees and a notable Q1 2023 revenue bump of 7.6% to $633.3 million.

Next up – The Remote Group (TRG). The offshore staffing solutions provider is expanding its operations to the United States by establishing offices in Indianapolis and Delaware. This move places TRG’s outsourcing services within arm’s reach of potential clients in the U.S., with Brian Bradford, Vice President of Sales, at the helm. TRG is on a steady course for further U.S. expansion and local job market stimulation. TRG’s global footprint continues to spread, with offices in the Philippines, Hong Kong, and the U.S. The company is subscribed to the Outsource Accelerator (OA) Source Partner Program, a powerful tool that helps BPO firms with marketing, sales, and business intelligence.

Another expansion news – staffing firm Omada One is setting its sights on Malaysia and Vietnamplanning to expand its global footprint with micro contact centers. Currently, Omada One operates in key markets like the United StatesSingapore, SpainLondonPragueHong Kong, and Australia, and it is also lending support to clients in the Middle East. Omada One plans to pursue organic growth strategies and targeted micro contact center acquisitions.

And we’re ending with a leadership change. Ibex has welcomed Tamara Ricketts-Brown as the new Senior Vice President and Country Manager for Jamaica. With over 20 years of professional experience in the retail, travel, finance, and insurance sectors, and an impressive tenure at Sutherland Global Services and Xerox under her belt, Tamara is all geared up to lead ibex’s Jamaican operations. Since its Jamaica debut in 2016, ibex has made quite a name for itself, earning accolades for its culture, employee development, and service. What’s more, it is listed in Outsource Accelerator’s (OA) Global Outsourcing Firm (BPO) Index, a vital tool in assisting the BPO decision-making community with a broad but objective industry assessment.

So there you have it – another eventful round-up! Stay tuned for more news and…



The outsourcing M&A news this week​

7 July 2023

6 July 2023

5 July 2023

4 July 2023

  • KKCG unveils Qinshift, Aricoma in major brand expansion – read article…
  • DSC lands multi-million dollar deal with global BPS provider – read article…
  • Cielo announces expanded talent acquisition services – read article…

3 July 2023

  • TTEC Digital inaugurates flagship office in Hyderabad, India – read article…
  • Spectrum expands operations with new call center, 400 new jobs – read article…
  • ibex names new country manager for Jamaica – read article…

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About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.