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Concentrix

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

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

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

  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.
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