End-to-end customer experience products and solutions leader Sitel Group has announced it is to acquire Sykes Enterprises, a customer experience management services provider.
Sitel said the rational for the acquisition was to bolster its position as a leading business process outsourcing player with Sykes Enterprise’s CX products and solutions.
“We are committed to our people and the legacy of Sitel Group in the business landscape; by joining forces with such a healthy, profitable and financially solid U.S. brand that also has a stellar reputation, we will further enhance our global reach,” said Laurent Uberti, President, Chief Executive Officer & Co-Founder of Sitel Group.
The terms of the deal will see a subsidiary of Sitel Group acquire all of Sykes Enterprise’s outstanding shares for $2.2bn. Following completion, the combined company will have 155,000 employees spread across 39 countries, with a combined customer base of over 600 companies.
“This combination marks a major milestone in our more than 40-year operating history,” said President & Chief Executive Officer of SYKES, Chuck Sykes. “As we embark on the next phase of our journey, there is an opportunity to take the business to historic heights with a proven partner. I am confident that we have a valuable partner with a solid heritage of deep industry knowledge and experience, credible industry reputation, shared vision and an employee-first culture to further advance our leadership position as a leading global provider in a highly fragmented customer experience marketplace.”
Subject to the usual closing conditions and Sykes Enterprises shareholder approval, the deal is expected to complete in the second half of 2020. With the combined company’s increased capacity, Sitel Group said it is expected to reach a revenue greater than $4 billion in 2021.
Olivier Camino, Global Chief Operating Officer & Co-Founder of Sitel Group said: “Post-pandemic, the forces of digital disruption and dynamism are accelerating. A new world is emerging with the rise of the work at home model, and the need for valuable emotional connections and conversations between brands and their consumers has never been so important. With our expanded geographic footprint and greater capacity to serve customers, we will be better equipped to help our customers navigate the rapid changes within the industry. This acquisition is a fantastic opportunity for Sitel Group to enhance and accelerate our CX products and solutions within EXP+, especially with the addition of SYKES’ CX solutions in digital, social media and robotic process automation (RPA), through their suite of digital transformation capabilities such as Clearlink and Symphony.”
