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Concentrix

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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]


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.[6] 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.[7] A government report disclosed that of 36,000 appeals against Concentrix, 87% were upheld.[8] 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.[9] As a result of Concentrix's failings, thousands of claimants were also due to receive back-payments for incorrectly stopped claims.[10] Processing the resultant case reviews cost HMRC £43 million.[11][12]

References

  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. ^ "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.
  7. ^ "'Reign of terror' tax credit company loses HMRC". The Guardian. 13 September 2016. Retrieved 27 September 2016.
  8. ^ "Concentrix tax credit cases to be reviewed, government says". BBC News. 6 February 2017. Retrieved 6 February 2017.
  9. ^ "Treasury refuses to hold inquiry into Concentrix tax credits contract". The Guardian. 14 September 2016. Retrieved 27 September 2016.
  10. ^ "Thousands due back-dated tax credit payments after HMRC contractor blunders". The Independent. 15 September 2016. Retrieved 27 September 2016.
  11. ^ Dunton, Jim (12 November 2017). "Calamitous Concentrix cost HMRC £38m, Treasury documents reveal". Public Technology. Retrieved 9 April 2018.
  12. ^ 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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