Convergys addressed the media in a roundtable yesterday to talk about the acquisition of Stream, a leading global BPO service provider with a workforce of over 40,000 employees spread across approximately 56 service centers in 22 countries, including India.
Addressing the media, Mr. Hanumant Talwar – MD and Country Manager, Convergys India and UK stated that the acquisition of $820 million in cash of Stream Global Services by Stream is a business process outsourcing service provider, specializing in customer relationship management solutions including sales, customer care, technical and back office support for Fortune 1000 companies.
A provider of choice to some of the world’s leading technology, computing, telecommunications, retail, entertainment/media and financial services companies. Once the transaction is complete, Convergys expects to have approximately 125,000 employees serving clients in 35 languages from over 135 contact centers in 25 countries.
Talking about the acquisition Mr. Brian J. Delaney, Chief Operating Officer, Convergys Corporation (formerly Chief Operating Officer, Stream) said, “this acquisition combines two financially and operationally strong companies, with similar structures, enabling a smooth integration”. This entity will have a highly skilled multilingual workforce of over 40,000 employees (including 900 in Mumbai, India) capable of supporting over 47 languages increasing from 35 with a presence in 31 countries with more than 150 centers. He further added that through this integration, Stream’s customers will benefit from Convergys’ scale, as well as capabilities such as analytics and home agent.
Further speaking on the India front, Talwar said, “Convergys now has 7 location (now 8 including Stream’s office in Mumbai) and the addition of Stream’s employee base increases Convergys’ headcount from 12,000+ to 13,000+ in India. This will also help expand Convergys’ client base beyond its existing portfolio , servicing clients from BFSI, Retail, Healthcare , Telecommunications, Technology and Cable industry”.
He also said, “Convergys would be making huge investments for ramping up existing locations of Gurgaon and Thane”. The new, combined organization will continue to serve clients from North America, Europe, Middle East and Africa, Asia-Pacific and Australia.
Earlier in the year, in January, Convergys had announced acquisition of Stream Global Services in cash from funds managed by Ares Management and Providence Equity Partners, as well as from LiveIt, the BPO investment arm of Ayala Corp. Cincinnati, Ohio-based Convergys would create a global customer management services company with combined revenues of about $3 billion.
