History and acquisitions
Concentrix was founded in 1983, and it acquired its insurance administration business solutions and services in 2013 from IBM. [8] Concentrix has acquired eight companies since 2006, including IBM Daksh and the Minacs Group.
On June 28, 2018, Convergys and Synnex announced they had reached a definitive agreement in which Synnex would acquire Convergys for $2.43 billion in combined stock and cash, and integrate it with Concentrix. [9]
On October 5, 2018, Convergys Corporation and Synnex announced that they had completed the merger. [10]
On March 29, 2023, Concentrix announced the acquisition and merger of Concentrix and Webhelp in a transaction worth $4.8 billion. The overall combined company value was estimated to total around $9.8 billion. [11] In September 2023, the European Commission had approved the acquisition, under EU Merger Regulations. [12]
On January 15, 2025, Concentrix announced its acquisition and incorporation of Philippines' CX-SP BlinkCX, a consulting firm. [13]
HMRC contract
In 2014, Concentrix won a £75 million contract from the UK's tax authority, HM Revenue and Customs, to review two million tax credit claims for fraud and incorrect tax credit awards. [14] Tax credits are a form of UK social welfare benefit paid out to parents and workers on low incomes. In 2016, Concentrix was receiving heavy criticism from the cross-party parliamentary committee on welfare for incorrectly closing the claims of tens of thousands of claimants, leaving them without money for essentials. [15] A government report disclosed that of 36,000 appeals against Concentrix, 87% were upheld. [16] In September 2016, HMRC announced that it would not renew the contract, due to expire in 2017, although the Treasury has resisted calls for a full inquiry thus far. [17] As a result of Concentrix's failings, thousands of claimants were also due to receive back-payments for incorrectly stopped claims. [18] Processing the resultant case reviews cost HMRC £43 million. [19] [20]
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US$9.62 billion (2024) [2] 