Examine individual changes

'{{short description|Business services company headquartered in Newark, California, US}}{{Use American English|date=February 2020}} {{Use dmy dates|date=February 2020}} {{Infobox company | name = Concentrix Corporation | logo = Concentrix logo.svg | type = [[Public company|Public]] | traded_as = {{ubl|{{NASDAQ|CNXC}}|[[List of S&P 400 companies|S&P 400]] component}} | ISIN = US20602D1019 | predecessor = | successor = | founder = | defunct = | fate = | 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]]) | industry = [[Business process outsourcing]] | genre = | products = | services = {{plainlist| * [[Call center]] * [[Outsourcing]] * [[Customer service|Customer care]] * [[Sales]] * [[Technical support]] * [[Debt collection]] }} | 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 = | divisions = | subsid = | founded = {{Start date and age|1983}} | location_city = [[Newark, California]] | location_country = U.S. | locations = | website = {{URL|www.concentrix.com}} | footnotes = }} '''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 == Concentrix was founded in 1969, 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 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 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 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 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 == 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> ==References== {{Reflist}} ==External links== * {{Official website|https://www.concentrix.com}} {{Finance links | name = Concentrix | symbol = CNXC | reuters = CNXC.O | bloomberg = CNXC:US | sec_cik = CNXC | yahoo = CNXC | google = CNXC | nasdaq = CNXC }} {{S&P 400 companies}} {{authority control}} [[Category:Business services companies of the United States]] [[Category:Companies based in Fremont, California]] [[Category:Business services companies established in 1983]] [[Category:1983 establishments in California]] [[Category:Companies listed on the Nasdaq]] [[Category:Corporate spin-offs]] [[Category:Companies in the S&P 400]]'