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Concentrix

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Concentrix Corporation
Company typePublic
ISINUS20602D1019
IndustryBusiness services
Founded1983; 41 years ago (1983)
Headquarters
Newark, California
,
U.S.
Area served
Worldwide
Key people
Christopher Caldwell[1] (CEO)
RevenueIncrease US$7.88 billion (2024)[2]
Number of employees
440,000+[3]
Websiteconcentrix.com

Concentrix is a global technology and services leader that powers the world's best brands, today and into the future. Concentrix was a subsidiary of SYNNEX Corporation (NYSE: SNX) since 2006 and went public as an independent company on December 1, 2020.[4] Concentrix is headquartered in Newark, California.

History and acquisitions

Concentrix was founded in 1969, its heritage can be traced back to 1973 to its insurance administration business solutions and services which were acquired in 2013 by Concentrix from IBM.[5] 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.

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.[6]

On October 5, 2018, Convergys Corporation and Synnex announced that they had completed the merger.[7]

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.[8]

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 is estimated to total around $9.8 billion.[9] In September 2023, it was announced the European Commission had approved the acquisition, under EU Merger Regulations.[10]

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.[11] 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.[12] A government report disclosed that of 36,000 appeals against Concentrix, 87% were upheld.[13] 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.[14] As a result of Concentrix's failings, thousands of claimants are also due to receive back-payments for incorrectly stopped claims.[15] Processing the resultant case reviews cost HMRC £43 million.[16][17]

References

  1. ^ "Corporate Leadership Team". CNXC.
  2. ^ "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. ^ "Genelco Software Solutions: Private Company Information - Businessweek". www.bloomberg.com. Archived from the original on 26 October 2016.
  6. ^ "SYNNEX and Convergys combine in $2.8bn deal". Financier Worldwide. Retrieved 11 May 2023.
  7. ^ "SYNNEX Corporation Completes Transaction with Convergys Corporation". convergys.com. Retrieved 5 October 2018.[permanent dead link‍]
  8. ^ "Concentrix Announces Acquisition of ServiceSource, a Global B2B Digital Sales Company". Yahoo Finance. 9 May 2022. Retrieved 9 May 2022.
  9. ^ "Concentrix looks beyond North America with $4.8 bln deal for Webhelp". Reuters. Retuers. 29 March 2023. Retrieved 1 June 2023.
  10. ^ "Mergers: Commission authorizes acquisition of Webhelp by Concentrix". EU Reporter. 15 September 2023.
  11. ^ "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.
  12. ^ "'Reign of terror' tax credit company loses HMRC". The Guardian. 13 September 2016. Retrieved 27 September 2016.
  13. ^ "Concentrix tax credit cases to be reviewed, government says". BBC News. 6 February 2017. Retrieved 6 February 2017.
  14. ^ "Treasury refuses to hold inquiry into Concentrix tax credits contract". The Guardian. 14 September 2016. Retrieved 27 September 2016.
  15. ^ "Thousands due back-dated tax credit payments after HMRC contractor blunders". The Independent. 15 September 2016. Retrieved 27 September 2016.
  16. ^ Dunton, Jim (12 November 2017). "Calamitous Concentrix cost HMRC £38m, Treasury documents reveal". Public Technology. Retrieved 9 April 2018.
  17. ^ Centrelink contractor Concentrix wrongly cut thousands off welfare in the UK ABC News, 6 December 2018. Retrieved 6 December 2018.
  • Official website
  • Business data for Concentrix:
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