Sitel Group acquires Sykes Enterprises, Inc.
Sitel Group has announced that it has entered into a definitive agreement to acquire Sykes Enterprises, Incorporated for USD 2.2 billion.
Sitel Group is a leading global provider of customer experience (CX) products and solutions, while Sykes is a leading full life cycle provider of global customer experience management services, multichannel demand generation, and digital transformation. Both companies operate contact centers in the Philippines.
Under the terms of the agreement, a subsidiary of Sitel Group will acquire all outstanding shares of SYKES common stock in an all-cash transaction valued at approximately USD 2.2 billion. The transaction is not subject to a financing condition and is expected to be completed in the second half of 2021.
Sitel says that the acquisition of Sykes makes the combined company poised for sustainable growth as one of the leading BPO players with a comprehensive range of CX products and solutions, leveraging EXP+, the Enterprise Experience Platform from Sitel Group.
Following the proposed transaction, the combined company will employ 155,000 employees across global offices in 39 countries, serving 600+ clients in over 50 languages. With the combined company’s increased capacity, it is expected to reach a revenue greater than USD 4 billion in 2021.