Startek Makes Strategic Minority Investment in CSS Corp to Accelerate Digital Investments
February 25 2021 - 4:05PM
Business Wire
Startek Acquires ~26% Indirect Beneficial
Interest in CSS Corp; Has Option to Acquire Majority Stake
Investment Provides Entry into the Fast Growing
Technology Support Segment, and Leverage Leading Digital Platforms
in AI, Automation, Analytics, Cloud and Security
StarTek, Inc. (NYSE: SRT) ("Startek" or the "Company"), a global
provider of customer experience management solutions, today
announced a strategic investment in CSS Corp. (“CSS”), a new-age IT
services and technology support solutions company that harnesses
the power of AI, automation, analytics, cloud and digital to
address customer needs.
Capital Square Partners (“CSP”), a Singapore based Private
Equity Fund Manager and Startek’s majority shareholder, acquired a
controlling stake in CSS on February 25, 2021. Startek has
participated in this transaction by contributing a total of $30
million in a limited partnership managed by CSP to acquire both an
indirect beneficial interest of approximately 26% in CSS, as well
as an option to acquire a controlling stake. The option to acquire
a majority stake in CSS is at the sole discretion of Startek, and
the Company has no obligation to do so.
Founded in 1996, CSS provides technology-centric customers with
mission-critical support needs that encompass Enterprise and
Consumer Technology Experience, Cloud and Infrastructure Services,
Digital and Engineering Services, and Geospatial Technology
Services. CSS operates a network of 18 campuses across five
continents. With strong recurring revenues, growing technology
customers and a platform based service model, CSS is uniquely
positioned to partner with leading enterprises in their cloud and
digitization journey.
Aparup Sengupta, Startek’s Chairman and Global Chief Executive
Officer, stated, “This investment marks a key inflection point for
Startek as it accelerates our adoption of digital-driven services
and improves our potential for margin expansion. I have been
closely following CSS for many years as they have built a unique
organization that spearheads technology solutions for some of the
biggest names in the rapidly growing technology sector. We are
excited with this investment and look forward to our partnership
with CSS.”
About Startek
Startek is a global provider of tech-enabled business process
management solutions. The company provides omni-channel customer
experience, digital transformation, and technology services to some
of the finest brands globally. Startek is committed to impacting
clients’ business outcomes by focusing on enhancing customer
experience and digital & AI enablement across all touch points
and channels. Startek has more than 40,000 CX experts spread across
46 delivery campuses in 13 countries. The company services over 250
clients across a range of industries such as Banking and Financial
Services, Insurance, Technology, Telecom, Healthcare, Travel &
Hospitality, Ecommerce, Consumer Goods, Retail, and Energy &
Utilities. To learn more about Startek’s global solutions, please
visit www.startek.com.
About CSS Corp
CSS Corp is a new-age IT services and technology support company
that harnesses the power of AI, automation, analytics, cloud, and
digital to address customer needs. The company partners with
leading enterprises to help realize their strategic business
outcomes. Its team of 7,500+ technology professionals across 18
global locations is passionate about helping customers
differentiate and succeed. For more information, please visit
https://www.csscorp.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210225006130/en/
Investor Relations Sean Mansouri, CFA Gateway IR
+1-949-574-3860 SRT@gatewayir.com
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