Convergys

Last updated
Convergys Corporation
Type Public
NYSE: CVG
Industry Customer Management
Information Management
Outsourcing
Consulting
Professional Services
Founded1998 (1998)
DefunctOctober 5, 2018 (2018-10-05)
FateAcquired by Synnex
Successor Concentrix
Headquarters
Cincinnati, Ohio
,
United States
Number of locations
150 [1]
Key people
ProductsInfinys Rating and Billing (IRB), Dynamic Decisioning Solution (DDS), ICOMS, Customer Management, Solutions etc.
RevenueIncrease2.svg $ 2.951 billion [1]  (2015)
Increase2.svg $ 194.4 million [1]  (2015)
Increase2.svg $ 169 million [1]  (2015)
Total assets Decrease2.svg $ 2.358 billion [1]  (2015)
Total equity Increase2.svg $ 1.276 billion [1]  (2015)
Number of employees
130,001 [1]  (2015)
Website www.convergys.com

Convergys Corporation was a corporation based in Cincinnati, Ohio, that sold customer management and information management products, primarily to large corporations. Customer management products included agent assisted, self-service and care software tailored to the communications, financial services, technology, retail, healthcare and government markets. Information management provided convergent billing and business support system (BSS) products and services including revenue management, product and order management, and customer care management to telecom, utilities, and cable/satellite/broadband service providers. They had approximately 130,000 employees across 33 countries.

Contents

History

One of the Convergys offices in Gurgaon, India Convergys, Gurgaon, India.jpg
One of the Convergys offices in Gurgaon, India

The company grew from Cincinnati Bell Information Systems and MATRIXX, both subsidiaries of Cincinnati Bell, and AT&T Solutions Customer Care (formerly AT&T American Transtech), which was sold to Cincinnati Bell in 1998; [2] an IPO in August 1998 made it a fully independent company. [3] Since then, Convergys' headquarters in Cincinnati, Ohio, has acquired numerous companies.

On July 1, 2002, Convergys announced [4] the purchase of the iBasis Speech Solutions line of business (formerly Price Interactive) from iBasis Inc. for $17 million in order to enhance its Interactive Voice Response (IVR) and Advanced Speech Recognition (ASR) solutions.

Iт 2003, Convergys opened two call centres in the Philippines. The Philippines, along with India, was chosen by then president of the company, Jack Freker, for the company’s global expansion. [5]

In 2004, Convergys bought DigitalThink for $120 million. [6] DigitalThink helped Convergys expand its human resources outsourcing business.

On November 4, 2004 Convergys announced they had acquired Finali, a Westminster, Colorado based company, for $25 million in cash. Finali provided integrated customer support and sales support management services for e-commerce sites.

Convergys acquired Intervoice, a Dallas-based telecommunications company, in 2008 for $335 million. [7]

Convergys sold its Human Resources Management line of business to NorthgateArinso in March 2010. [8]

On March 22, 2012, Japanese technology firm NEC announced it would buy the Information Management Business of Convergys for approximately $449 million. [9] In 2012, Convergys Philippines, 8 years after its entry into the country established 18 centers with 26,000 employees in all, was named “BPO Employer of the Year” at the annual International ICT Awards. [10]

On April 3, 2013, Convergys completed the acquisition of New Zealand-based Datacom call center operations in Kuala Lumpur and Manila for $20 million. [11]

On January 6, 2015, Convergys and Stream Global Services announced entry into a definitive merger. Under the agreement, Convergys would acquire Stream for a total enterprise value of $820 million in cash. [12] On March 3, 2014, Convergys completed the acquisition of Stream creating the 2nd largest BPO provider in the outsourcing industry. The merger brought their total employees to approximately 125,000 with 150 centers in 31 countries supporting 47 languages. [13]

In August 2016, Convergys acquired the buw Holding group.

Synnex acquisition

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.

On October 5, 2018, Convergys and Synnex announced that they had completed the merger. [14]

Related Research Articles

<span class="mw-page-title-main">Comcast</span> American multinational telecommunications conglomerate

Comcast Corporation, incorporated and headquartered in Philadelphia, is the largest American multinational telecommunications and media conglomerate. The corporation is the second-largest broadcasting and cable television company in the world by revenue, and is also the largest pay-TV company, the largest cable TV company, and largest home Internet service provider in the United States. Comcast is additionally the nation's third-largest home telephone service provider. It provides services to U.S. residential and commercial customers in 40 states and the District of Columbia. As the owner of the international media company NBCUniversal since 2011, Comcast is also a high-volume producer of feature films for theatrical exhibition and television programming, and a theme park operator.

Lexmark International, Inc. is a privately held American company that manufactures laser printers and imaging products. The company is headquartered in Lexington, Kentucky. Since 2016 it has been jointly owned by a consortium of three multinational companies: Apex Technology, PAG Asia Capital, and Legend Capital.

<span class="mw-page-title-main">Business process outsourcing in the Philippines</span> Overview of the process of outsourcing of various business processes

One of the most dynamic and fastest growing sectors in the Philippines is the information technology–business process outsourcing (IT-BPO) industry. The industry is composed of eight sub-sectors, namely, knowledge process outsourcing and back offices, animation, call centers, software development, game development, engineering design, and medical transcription. The IT-BPO industry plays a major role in the country's growth and development.

NEC Software Solutions, formerly Northgate Public Services, is a provider of specialist software and outsourcing services for the public sector and is based in the United Kingdom. This followed its acquisition by NEC Corporation in January 2018.

<span class="mw-page-title-main">Tech Data</span> U.S.-based technology company

Tech Data Corporation was an American multinational distribution company specializing in IT products and services headquartered in Clearwater, Florida. It merged with competitor Synnex to form TD Synnex. Synnex is to be the primary owner. Tech Data provided a broad range of product lines, logistics capabilities and value-added services that enable technology manufacturers and resellers, such as Google, Apple, Cisco, Dell, Fortinet, Hewlett Packard Enterprise, HP Inc., IBM, Lenovo, LG, Microsoft, Sony, Trend Micro, Viewsonic, TP-Link and VMware, to deploy IT solutions.

Epicor Software Corporation is a business software company based in Austin, Texas founded in 1972. Its products are aimed at the manufacturing, distribution, retail and services industries.

Iron Mountain Inc. is an American enterprise information management services company founded in 1951 and headquartered in Boston, Massachusetts. Its records management, information destruction, and data backup and recovery services are supplied to more than 220,000 customers in 58 countries throughout North America, Europe, Latin America, Africa, Asia, and Australia. As of 2020 over 94% of Fortune 1000 companies use Iron Mountain's services to store and manage their information in some capacity.

<span class="mw-page-title-main">Synnex</span> American information technology company

Synnex was an American multinational corporation that provides information technology (IT) services to businesses. It merged with competitor Tech Data to form TD Synnex. It was founded in 1980 by Robert T. Huang and based in Fremont, California. As an information technology supply chain services company, it offered services to original equipment manufacturers, software publishers and reseller customers.

COPC Inc., is a privately held management consulting company based in Winter Park, Florida, that specializes in something it calls 'customer experience transformation'. COPC Inc. provides performance-improvement consulting, training, certification, and benchmarking. Clients of COPC Inc. include Apple, Microsoft, Sprint, HTC, Mattel, RBS, DiGi, Canal Digital, UWV, ToysRus, Datacom, Sitel, and Citigroup. COPC Inc. is well-known in the customer experience industry and many of the industry-associated organizations actively promote them.

DigitalThink was an electronic learning (eLearning) company. Founded in 1996 by Umberto Milletti, Pete Goettner and Steve Zahm At one time it was termed a Business Solution Provider (BSP) but would likely be viewed in modern terms as a software-as-a-service (SaaS) model.

Concentrix is an American business services company specializing in customer engagement and business performance. Concentrix was a subsidiary of SYNNEX Corporation since 2006 and went public as an independent company on December 1, 2020. Concentrix is headquartered in Fremont, California.

Stream Global Services, was a BPO company acquired by Convergys through a definitive merger, together with more than 37,000 employees in 22 countries and 50 contact centers. The footprint of the company included countries across North America, Europe, Asia Pacific, Latin America, Middle East and Africa.

Netcracker Technology Corp., a wholly owned subsidiary of NEC Corporation, is a provider of business support system (BSS), operations support systems (OSS) and software-defined networking (SDN) and network functions virtualization (NFV) solutions. The company also offers professional services, as well as managed services.

<span class="mw-page-title-main">Minacs</span>

Minacs was a Canadian business and technology outsourcing company, headquartered in Oshawa, Ontario. The company provided outsourced customer life cycle, marketing, finance and accounting, procurement, and information technology services.

<span class="mw-page-title-main">Jeffrey Fox</span> American businessperson

Jeff Fox is an American businessperson who presently serves as the CEO and founder of Circumference Group, overseeing the firm’s management and business strategy.

Datacom Group Limited is an Information Technology services company, offering management and consulting, cloud services, ITO, data centre services, custom software development, and payroll services. Datacom is the largest technology company in New Zealand. The company was started in New Zealand in 1965, but has expanded to operate in Australia, Malaysia, the Philippines, the United States and the United Kingdom, employing over 6,500 people across 26 offices globally.

Datatec Limited, also known as Datatec Group, is an international ICT solutions and services group operating in more than 50 countries across North America, Latin America, Europe, Africa, Middle East, and Asia-Pacific. Through three core divisions, the Group offers Integration and Managed Services and Technology Distribution and Financial Services.

<span class="mw-page-title-main">Comcast Business</span>

Comcast Business is a subsidiary of Comcast, which, through several iterations, has handled the sales, marketing, and delivery of internet, phone, and cable television to businesses. In 2012, Comcast Business grew by 34%, the fastest growth of any of Comcast's products in 2012, reaching $2.4 billion in revenue. In 2013, Comcast Business generated $3.2 billion in revenue, an increase of 26% over 2012 revenue.

<span class="mw-page-title-main">Attempted purchase of Time Warner Cable by Comcast</span>

On February 13, 2014, Comcast Corporation announced its intent to acquire Time Warner Cable. The deal was proposed to take the form of a stock swap, estimated at the time of announcement to be worth about $45.2 billion. The two companies argued that the merger would increase their overall scale, allowing the company to become more competitive, improve customer service quality, and quicken innovation. The companies also argued that the deal would increase competition in the United States' cable television and internet markets, as they planned to divest subscribers to Charter Communications to regulate the market share of their combined operation.

References

  1. 1 2 3 4 5 6 7 "2015 Annual Report" (PDF). Convergys. Feb 23, 2016. Archived from the original (PDF) on May 31, 2016. Retrieved May 2, 2016.
  2. ↑ Fontenay, Blake (Apr 28, 1998). "CBIS, Matrixx Team to Form New Company". Orlando Sentinel. Retrieved May 2, 2016.
  3. ↑ "IPO Daily Report: CitySearch to merge with Ticketmaster Online". MarketWatch. Aug 13, 1998. Retrieved May 2, 2016.
  4. ↑ "Convergys Buys Speech Recognition Division of iBasis". www.speechtechmag.com. July 2002. Retrieved 2018-07-20.
  5. ↑ "A history of the BPO industry in numbers". Rappler. July 2, 2015. Retrieved November 10, 2015.
  6. ↑ "Cincinnati company will buy DigitalThink for $120M". San Francisco Business Times. Mar 25, 2004. Retrieved May 6, 2016.
  7. ↑ "Convergys to Acquire Intervoice for $335 Million". The New York Times. Jul 17, 2008. Retrieved May 4, 2016.
  8. ↑ Hausmann, Daniel (Mar 5, 2010). "KKR-Backed Deal Offers Alternative to Scranton-Style HR". The Wall Street Journal. Retrieved May 2, 2016.
  9. ↑ Alabaster, Jay (Mar 22, 2012). "NEC to Acquire Convergys Data Management Business for US$449 Million". CIO. Archived from the original on November 23, 2015. Retrieved May 2, 2016.
  10. ↑ "Convergys named BPO 'employer of the year'". ABS-CBN Corporation News. Apr 20, 2012. Retrieved May 2, 2016.
  11. ↑ Talevski, Julia (Apr 4, 2013). "Datacom sells Asia BPO assets for $20 million". ARN. Retrieved May 2, 2016.
  12. ↑ Chatterjee, Soham (Jan 6, 2014). Samuel, Maju (ed.). "Customer services provider Convergys to buy Stream Global". Reuters. Retrieved May 2, 2016.
  13. ↑ Ammachchi, Narayan (Mar 4, 2014). "Convergys Completes Acquisition of Stream". Nearshore Americas. Retrieved May 2, 2016.
  14. ↑ "SYNNEX Corporation Completes Transaction with Convergys Corporation". convergys.com. Retrieved October 5, 2018.[ permanent dead link ]
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.