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{{short description|Business services company headquartered in Newark, California, US}}
{{short description|Business services company headquartered in Newark, California, US}}{{Use American English|date=February 2020}}
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{{Use dmy dates|date=February 2020}}
{{Multiple issues|
{{COI |date= January 2017}}
{{buzzword|date=June 2017}}
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}}
{{Use American English|date=February 2020}}
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{{Use dmy dates|date=February 2020}}
{{Infobox company
{{Infobox company
| name = Concentrix Corporation
| name = Concentrix Corporation
| logo = Concentrix logo.svg
| logo = Concentrix logo.svg
| type = [[Public company]]
| type = [[Public company|Public]]
| traded_as = {{ubl|{{Nasdaq|CNXC}}|[[List of S&P 400 companies|S&P 400]] component}}
| traded_as = {{ubl|{{NASDAQ|CNXC}}|[[List of S&P 400 companies|S&P 400]] component}}
| ISIN = US20602D1019
| ISIN = US20602D1019
| predecessor =
| predecessor =
Line 19: Line 14:
| area_served = Worldwide
| area_served = Worldwide
| key_people = Christopher Caldwell<ref>{{cite web|title=Corporate Leadership Team|url=https://ir.concentrix.com/governance/corporate-leadership-team|publisher=CNXC}}</ref> ([[CEO]])
| key_people = Christopher Caldwell<ref>{{cite web|title=Corporate Leadership Team|url=https://ir.concentrix.com/governance/corporate-leadership-team|publisher=CNXC}}</ref> ([[CEO]])
| industry = [[Business services]]
| industry = [[Business process outsourcing]]
| genre =
| genre =
| products =
| products =
| services =
| services = {{plainlist|
* [[Call center]]
| revenue = {{nowrap|{{increase}} {{US$|5.3 billion|link=yes}} (2020)<ref>{{Cite web|url=https://www.prnewswire.com/news-releases/synnex-corporation-reports-fiscal-2019-fourth-quarter-and-full-year-results-300984591.html#:~:text=Concentrix%3A%20Revenue%20was%20%244.7%20billion,in%20the%20prior%20fiscal%20year.|title=SYNNEX Corporation Reports Fiscal 2019 Fourth Quarter and Full Year Results}}</ref>}}
* [[Outsourcing]]
| operating_income =
* [[Customer service|Customer care]]
| net_income =
* [[Sales]]
| assets =
* [[Technical support]]
| equity =
* [[Debt collection]]
⚫
| num_employees = 290,000+ <ref>{{cite web |url=https://ir.concentrix.com/ |title=Home |website=ir.concentrix.com}}</ref>
⚫
}}
| revenue = {{increase}} {{US$|7.114 billion|link=yes}} (2023)<ref name=2023AR>{{Cite web|url=https://ir.concentrix.com/static-files/c92e9a4a-f24f-4588-9210-b5a9cfa9d261|title=Concentrix Reports First Quarter 2024 Results}}</ref>
| operating_income = {{increase}} US$661.3 million (2023)<ref name=2023AR/>
| net_income = {{increase}} US$437.9 million (2023)<ref name=2023AR/>
| assets = {{nowrap|{{increase}} US$12.491 billion (2023)<ref name=2023AR/>}}
| equity = {{increase}} US$4.413 billion (2023)<ref name=2023AR/>
⚫
| num_employees = 440,000 (2023)<ref name=2023AR/><ref>{{cite web |url=https://ir.concentrix.com/ |title=Home |website=ir.concentrix.com}}</ref>
| parent =
| parent =
| divisions =
| divisions =
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| location_country = U.S.
| location_country = U.S.
| locations =
| locations =
| website = {{url|concentrix.com}}
| website = {{URL|www.concentrix.com}}
| footnotes =
| footnotes =
}}
}}

'''Concentrix''' is an American [[business services]] company specializing in customer engagement and business performance. Concentrix was a subsidiary of [[SYNNEX|SYNNEX Corporation]] (NYSE: SNX) since 2006 and went public as an independent company on December 1, 2020.<ref>{{Cite web |url=http://ir.synnex.com/annuals-proxies.cfm |title=Annual Reports & Proxies - SYNNEX Corporation |access-date=11 October 2016 |archive-url=https://web.archive.org/web/20161012080059/http://ir.synnex.com/annuals-proxies.cfm |archive-date=12 October 2016 |url-status=dead }}</ref> Concentrix is headquartered in [[Fremont, California]].<ref>{{Cite web | url=https://www.concentrix.com/about/locations/ |title = Locations}}</ref>
'''Concentrix Corporation''' is an American [[multinational company|multinational]] [[business process outsourcing]] company headquartered in [[Newark, California]]. It was a subsidiary of [[SYNNEX|SYNNEX Corporation]] (NYSE: SNX) since 2006 and went public as an independent company on December 1, 2020.<ref>{{Cite web |url=http://ir.synnex.com/annuals-proxies.cfm |title=Annual Reports & Proxies - SYNNEX Corporation |access-date=11 October 2016 |archive-url=https://web.archive.org/web/20161012080059/http://ir.synnex.com/annuals-proxies.cfm |archive-date=12 October 2016 |url-status=dead }}</ref> Concentrix made its debut on the [[Fortune 500]] list in 2024, ranking #499.<ref>{{Cite web |title=Concentrix |url=https://fortune.com/company/concentrix/ |access-date=2024-06-09 |website=Fortune |language=en}}</ref>


== History and acquisitions ==
== History and acquisitions ==
Concentrix was founded in 1983, its heritage can be traced back to 1973 to its insurance administration business [[Problem solving|solutions]] and services which were acquired in 2013 by Concentrix from IBM.<ref>{{cite web |url=https://www.bloomberg.com/Research/stocks/private/snapshot.asp?privcapId=1051101 |title=Genelco Software Solutions: Private Company Information - Businessweek |website=www.bloomberg.com |url-status=dead |archive-url=https://web.archive.org/web/20161026075524/http://www.bloomberg.com/Research/stocks/private/snapshot.asp?privcapId=1051101 |archive-date=2016-10-26}}</ref> Concentrix has grown through multiple acquisitions, bringing on board eight companies since 2006. Two of the acquisitions that are especially notable include the IBM Worldwide Customer Care Services Business (known as IBM Daksh) and the Minacs Group Pte.
Concentrix was founded in 1983, and it acquired its insurance administration business solutions and services in 2013 from [[IBM]].<ref>{{cite web |url=https://www.bloomberg.com/Research/stocks/private/snapshot.asp?privcapId=1051101 |title=Genelco Software Solutions: Private Company Information - Businessweek |website=www.bloomberg.com |url-status=dead |archive-url=https://web.archive.org/web/20161026075524/http://www.bloomberg.com/Research/stocks/private/snapshot.asp?privcapId=1051101 |archive-date=2016-10-26}}</ref> Concentrix has acquired eight companies since 2006, including IBM Daksh and the Minacs Group.


On June 28, 2018, [[Convergys Corporation|Convergys]] and [[Synnex]] announced they have reached a definitive agreement in which SYNNEX would acquire Convergys for $2.43 billion in combined stock and cash, and integrate it with Concentrix.<ref>{{Cite web |title=SYNNEX and Convergys combine in $2.8bn deal |url=https://www.financierworldwide.com/fw-news/2018/7/5/synnex-and-convergys-combine-in-28bn-deal |access-date=2023-05-11 |website=Financier Worldwide |language=en-US}}</ref>
On June 28, 2018, [[Convergys Corporation|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.<ref>{{Cite web |title=SYNNEX and Convergys combine in $2.8bn deal |url=https://www.financierworldwide.com/fw-news/2018/7/5/synnex-and-convergys-combine-in-28bn-deal |access-date=2023-05-11 |website=Financier Worldwide |language=en-US}}</ref>


On October 5, 2018, Convergys Corporation and Synnex announced that they have completed the merger.<ref>{{cite web |title=SYNNEX Corporation Completes Transaction with Convergys Corporation|url=https://newsroom.convergys.com/press-release/synnex-corporation-completes-transaction-convergys-corporation |website=convergys.com |access-date=October 5, 2018 |language=en}}</ref>
On October 5, 2018, Convergys Corporation and Synnex announced that they had completed the merger.<ref>{{cite web |title=SYNNEX Corporation Completes Transaction with Convergys Corporation |url=https://newsroom.convergys.com/press-release/synnex-corporation-completes-transaction-convergys-corporation |website=convergys.com |access-date=October 5, 2018 |language=en }}{{Dead link|date=December 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>


In May 2022, Concentrix announced the organisation has a definitive agreement to acquire U.S based B2B customer experience technology and solutions company, ServiceSource International, Inc. (NASDAQ: SREV). The deal was worth $131 million.<ref>{{cite journal|date=9 May 2022|url=https://finance.yahoo.com/news/concentrix-announces-acquisition-servicesource-global-120000741.html|title=Concentrix Announces Acquisition of ServiceSource, a Global B2B Digital Sales Company|journal=Yahoo Finance|access-date=9 May 2022|url-status=live}}</ref>
In May 2022, Concentrix announced a deal to acquire ServiceSource International, Inc. The deal was worth $131 million.<ref>{{cite journal|date=9 May 2022|url=https://finance.yahoo.com/news/concentrix-announces-acquisition-servicesource-global-120000741.html|title=Concentrix Announces Acquisition of ServiceSource, a Global B2B Digital Sales Company|journal=Yahoo Finance|access-date=9 May 2022}}</ref>


On March 29th 2022, Concentrix announced the acquisition and merger of Concentrix and [[Webhelp]] in a transaction worth $4.8 billion. The overall combined company value is estimated to total around $9.8 billion.
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.<ref>{{cite news |title=Concentrix looks beyond North America with $4.8 bln deal for Webhelp |url=https://www.reuters.com/markets/deals/concentrix-acquire-webhelp-48-bln-deal-2023-03-29/ |access-date=1 June 2023 |work=Reuters |agency=Retuers |date=29 March 2023 |language=en}}</ref> In September 2023, the [[European Commission]] had approved the acquisition, under EU Merger Regulations.<ref>{{Cite news |date=September 15, 2023 |title=Mergers: Commission authorizes acquisition of Webhelp by Concentrix |work=EU Reporter |url=https://www.eureporter.co/politics/european-commission/2023/09/15/mergers-commission-authorizes-acquisition-of-webhelp-by-concentrix/}}</ref>


==HMRC contract ==
==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.<ref>{{cite news|title=HMRC chief Jon Thompson confirms US firm Concentrix won't have tax credits contract renewed |url= http://www.civilserviceworld.com/articles/news/hmrc-chief-jon-thompson-confirms-us-firm-concentrix-wont-have-tax-credits-contract|access-date=30 September 2016|date=14 September 2016|publisher=Civil Service World}}</ref> [[Working tax credit|Tax credits]] are a form of UK social welfare benefit paid out to parents and workers on low incomes.
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.<ref>{{cite news|title=HMRC chief Jon Thompson confirms US firm Concentrix won't have tax credits contract renewed |url= http://www.civilserviceworld.com/articles/news/hmrc-chief-jon-thompson-confirms-us-firm-concentrix-wont-have-tax-credits-contract|access-date=30 September 2016|date=14 September 2016|publisher=Civil Service World}}</ref> [[Working tax credit|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.<ref>{{cite news|title='Reign of terror' tax credit company loses HMRC|url= https://www.theguardian.com/money/2016/sep/13/reign-of-terror-tax-credit-company-loses-hmrc-contract|access-date=27 September 2016|date=13 September 2016|work=The Guardian}}</ref> A government report disclosed that of 36,000 appeals against Concentrix, 87% were upheld.<ref>{{Cite news|url=https://www.bbc.co.uk/news/business-38873311|title=Concentrix tax credit cases to be reviewed, government says|date=2017-02-06|newspaper=BBC News|access-date=2017-02-06|language=en-GB}}</ref> 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.<ref>{{cite news|title=Treasury refuses to hold inquiry into Concentrix tax credits contract |url= https://www.theguardian.com/politics/2016/sep/14/treasury-refuses-to-hold-inquiry-into-concentrix-tax-credits-contract|access-date=27 September 2016|date=14 September 2016|work=The Guardian}}</ref> As a result of Concentrix's failings, thousands of claimants were also due to receive back-payments for incorrectly stopped claims.<ref>{{cite news|title=Thousands due back-dated tax credit payments after HMRC contractor blunders|url= https://www.independent.co.uk/news/business/news/tax-credit-back-payments-hmrc-concentrix-mistakes-a7309746.html|access-date=27 September 2016|date=15 September 2016|work=The Independent}}</ref> Processing the resultant case reviews cost HMRC £43 million.<ref name="publictechnology-20171112">{{cite news |url=http://www.publictechnology.net/articles/news/calamitous-concentrix-cost-hmrc-%C2%A338m-treasury-documents-reveal |title=Calamitous Concentrix cost HMRC £38m, Treasury documents reveal |last=Dunton |first=Jim |newspaper=Public Technology |date=12 November 2017 |access-date=9 April 2018}}</ref><ref>[https://www.abc.net.au/news/2018-12-06/centrelink-contractor-concentrix-cut-thousands-off-welfare-in-uk/10586274 Centrelink contractor Concentrix wrongly cut thousands off welfare in the UK] ''ABC News'', 6 December 2018. Retrieved 6 December 2018.</ref>

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.<ref>{{cite news|title='Reign of terror' tax credit company loses HMRC|url= https://www.theguardian.com/money/2016/sep/13/reign-of-terror-tax-credit-company-loses-hmrc-contract|access-date=27 September 2016|date=13 September 2016|work=The Guardian}}</ref> A government report disclosed that of 36,000 appeals against Concentrix, 87% were upheld.<ref>{{Cite news|url=https://www.bbc.co.uk/news/business-38873311|title=Concentrix tax credit cases to be reviewed, government says|date=2017-02-06|newspaper=BBC News|access-date=2017-02-06|language=en-GB}}</ref> In September 2016, the 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.<ref>{{cite news|title=Treasury refuses to hold inquiry into Concentrix tax credits contract |url= https://www.theguardian.com/politics/2016/sep/14/treasury-refuses-to-hold-inquiry-into-concentrix-tax-credits-contract|access-date=27 September 2016|date=14 September 2016|work=The Guardian}}</ref> As a result of Concentrix's failings, thousands of claimants are also due to receive back-payments for incorrectly stopped claims.<ref>{{cite news|title=Thousands due back-dated tax credit payments after HMRC contractor blunders|url= https://www.independent.co.uk/news/business/news/tax-credit-back-payments-hmrc-concentrix-mistakes-a7309746.html|access-date=27 September 2016|date=15 September 2016|work=The Independent}}</ref> Processing the resultant case reviews cost HMRC £43 million.<ref name=publictechnology-20171112>{{cite news |url=http://www.publictechnology.net/articles/news/calamitous-concentrix-cost-hmrc-%C2%A338m-treasury-documents-reveal |title=Calamitous Concentrix cost HMRC £38m, Treasury documents reveal |last=Dunton |first=Jim |newspaper=Public Technology |date=12 November 2017 |access-date=9 April 2018}}</ref><ref>[https://www.abc.net.au/news/2018-12-06/centrelink-contractor-concentrix-cut-thousands-off-welfare-in-uk/10586274 Centrelink contractor Concentrix wrongly cut thousands off welfare in the UK] ''ABC News'', 6 December 2018. Retrieved 6 December 2018.</ref>


==References==
==References==
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==External links==
==External links==
* {{Official|https://www.concentrix.com}}
* {{Official website|https://www.concentrix.com}}
{{Finance links
{{Finance links
| name = Concentrix
| name = Concentrix
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}}
}}


{{S&P 400 companies}}

{{authority control}}
{{authority control}}


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[[Category:Companies listed on the Nasdaq]]
[[Category:Companies listed on the Nasdaq]]
[[Category:Corporate spin-offs]]
[[Category:Corporate spin-offs]]
[[Category:Companies in the S&P 400]]

Latest revision as of 10:47, 9 December 2024

Concentrix Corporation
Company typePublic
ISINUS20602D1019
IndustryBusiness process outsourcing
Founded1983; 41 years ago (1983)
Headquarters
Newark, California
,
U.S.
Area served
Worldwide
Key people
Christopher Caldwell[1] (CEO)
Services
RevenueIncrease US$7.114 billion (2023)[2]
Increase US$661.3 million (2023)[2]
Increase US$437.9 million (2023)[2]
Total assetsIncrease US$12.491 billion (2023)[2]
Total equityIncrease US$4.413 billion (2023)[2]
Number of employees
440,000 (2023)[2][3]
Websitewww.concentrix.com

Concentrix Corporation is an American multinational business process outsourcing company headquartered in Newark, California. It was a subsidiary of SYNNEX Corporation (NYSE: SNX) since 2006 and went public as an independent company on December 1, 2020.[4] Concentrix made its debut on the Fortune 500 list in 2024, ranking #499.[5]

History and acquisitions

[edit]

Concentrix was founded in 1983, and it acquired its insurance administration business solutions and services in 2013 from IBM.[6] 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.[7]

On October 5, 2018, Convergys Corporation and Synnex announced that they had completed the merger.[8]

In May 2022, Concentrix announced a deal to acquire ServiceSource International, Inc. The deal was worth $131 million.[9]

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.[10] In September 2023, the European Commission had approved the acquisition, under EU Merger Regulations.[11]

HMRC contract

[edit]

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.[12] 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.[13] A government report disclosed that of 36,000 appeals against Concentrix, 87% were upheld.[14] 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.[15] As a result of Concentrix's failings, thousands of claimants were also due to receive back-payments for incorrectly stopped claims.[16] Processing the resultant case reviews cost HMRC £43 million.[17][18]

References

[edit]
  1. ^ "Corporate Leadership Team". CNXC.
  2. ^ a b c d e f "Concentrix Reports First Quarter 2024 Results".
  3. ^ "Home". ir.concentrix.com.
  4. ^ "Annual Reports & Proxies - SYNNEX Corporation". Archived from the original on 12 October 2016. Retrieved 11 October 2016.
  5. ^ "Concentrix". Fortune. Retrieved 9 June 2024.
  6. ^ "Genelco Software Solutions: Private Company Information - Businessweek". www.bloomberg.com. Archived from the original on 26 October 2016.
  7. ^ "SYNNEX and Convergys combine in $2.8bn deal". Financier Worldwide. Retrieved 11 May 2023.
  8. ^ "SYNNEX Corporation Completes Transaction with Convergys Corporation". convergys.com. Retrieved 5 October 2018.[permanent dead link‍]
  9. ^ "Concentrix Announces Acquisition of ServiceSource, a Global B2B Digital Sales Company". Yahoo Finance. 9 May 2022. Retrieved 9 May 2022.
  10. ^ "Concentrix looks beyond North America with $4.8 bln deal for Webhelp". Reuters. Retuers. 29 March 2023. Retrieved 1 June 2023.
  11. ^ "Mergers: Commission authorizes acquisition of Webhelp by Concentrix". EU Reporter. 15 September 2023.
  12. ^ "HMRC chief Jon Thompson confirms US firm Concentrix won't have tax credits contract renewed". Civil Service World. 14 September 2016. Retrieved 30 September 2016.
  13. ^ "'Reign of terror' tax credit company loses HMRC". The Guardian. 13 September 2016. Retrieved 27 September 2016.
  14. ^ "Concentrix tax credit cases to be reviewed, government says". BBC News. 6 February 2017. Retrieved 6 February 2017.
  15. ^ "Treasury refuses to hold inquiry into Concentrix tax credits contract". The Guardian. 14 September 2016. Retrieved 27 September 2016.
  16. ^ "Thousands due back-dated tax credit payments after HMRC contractor blunders". The Independent. 15 September 2016. Retrieved 27 September 2016.
  17. ^ Dunton, Jim (12 November 2017). "Calamitous Concentrix cost HMRC £38m, Treasury documents reveal". Public Technology. Retrieved 9 April 2018.
  18. ^ Centrelink contractor Concentrix wrongly cut thousands off welfare in the UK ABC News, 6 December 2018. Retrieved 6 December 2018.
[edit]
  • Official website
  • Business data for Concentrix:
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Concentrix&oldid=1262059006"