MIAMI, June 18, 2021 /PRNewswire/ -- Sitel
Group®, a leading global provider of customer
experience (CX) products and solutions, today announced it has
entered into a definitive agreement to acquire Sykes
Enterprises, Incorporated ("SYKES") (NASDAQ: SYKE), a leading
full life cycle provider of global customer experience management
services, multichannel demand generation and digital
transformation. 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
$2.2 billion.
Sitel Group is active in the global customer experience sector,
offering a wide range of products and solutions for its more than
400 customers. 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 $4 billion in 2021; this
growth will be a significant asset to offer Sitel Group clients a
diversified delivery mix, as the expanded geographic footprint will
provide more variety for their onshore, nearshore and offshore
needs.
"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.
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."
Uberti added, "We began this journey more than 25 years ago, and
our entrepreneurial mindset guides us today in driving innovation
to enhance the CX journey for our customers and preparing for
tomorrow, so we can build the future with confidence as a leading
global player. Further, we are passionate about elevating the
employee experience, along with our talented people around the
world and people-centric values. We are excited about our future
and continuing our story with best-in-class CX delivery for our
customers and a greater employee experience for our combined
155,000 employees. We have tremendous respect for Chuck Sykes and the business he and his family
have built."
"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."
The transaction is not subject to a financing condition and is
expected to be completed in the second half of 2021, subject to the
approval of SYKES' shareholders and customary closing conditions,
including expiration or termination of the applicable waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976 and other regulatory clearances. Upon the closing of the
transaction, SYKES will become a privately-held company and its
shares will cease trading on Nasdaq.
For information about Sitel Group, visit www.sitel.com. For more
information about SYKES, visit www.sykes.com.
Advisors
Lazard Freres SAS acted as financial advisor,
and Freshfields Bruckhaus Deringer US LLP acted as legal advisor to
Sitel Group. Committed debt financing has been provided by BNP
Paribas to Sitel Group. Goldman Sachs & Co. LLC acted as
financial advisor, and Shumaker, Loop & Kendrick, LLP acted as
legal advisor to Sykes Enterprises.
About Sitel Group®
As a leading global
provider of customer experience (CX) products and solutions, Sitel
Group® empowers brands to build stronger relationships with their
customers by creating meaningful connections that boost brand
value. Inspired by each brands' unique vision and goals, we ask
"what if?" applying our expertise to create innovative solutions
that reduce customer effort.
With 100,000 people around the globe – working from home or from
one of our CX hubs – we securely connect best-loved brands with
their customers over 4.5 million times every day in 50+ languages.
Whether digital or voice-based, our solutions deliver a competitive
edge across all customer touchpoints. Our award-winning culture is
built on 35+ years of industry-leading experience and commitment to
improving the employee experience.
EXP+™ from Sitel Group is a flexible solution with complete
cloud capability, designed to simplify the delivery of end-to-end
CX services, while boosting efficiency, effectiveness and customer
satisfaction. EXP+ creates a robust ecosystem by harnessing the
power of four connected product families: Empower, Engage, Explore
and Evolve.
The primary partner shareholder of Sitel Group is Creadev, the
entrepreneurial investment arm of the Mulliez family.
Learn more at www.sitel.com and connect with us on
Facebook, LinkedIn and Twitter.
About Sykes Enterprises, Incorporated
Sykes
Enterprises, Incorporated and consolidated subsidiaries ("SYKES" or
the "Company") is a leading full lifecycle provider of global
customer experience management services, multichannel demand
generation and digital transformation. SYKES provides
differentiated full lifecycle customer experience management
solutions and services primarily to Global 2000 companies and their
end customers principally in the financial services, technology,
communications, transportation & leisure and healthcare
industries. The Company's differentiated full lifecycle services
platform effectively engages customers at every touchpoint within
the customer journey, including digital media and acquisition,
sales expertise, customer service, technical support and retention,
many of which can be optimized through a suite of digital
transformation capabilities under its SYKES Digital Services
("SDS") group, which spans robotic process automation ("RPA"),
self-service, insight analytics and digital learning. In addition
to digital transformation, SYKES also provides artificial
intelligence ("AI") solutions that can be embedded and leveraged
across its lifecycle offerings. The Company serves its clients
through two geographic operating regions: the Americas
(United States, Canada, Latin
America, Australia and the
Asia Pacific Rim) and EMEA (Europe, the Middle
East and Africa). The
Company's Americas and EMEA regions primarily provide customer
management solutions and services with an emphasis on inbound multi
channel demand generation, customer service and technical support
to its clients' customers. These services are delivered through
multiple communication channels including phone, e-mail, social
media, text messaging, chat and digital self-service. The Company
also provides various enterprise support services in the United States that include services for
its clients' internal support operations, from technical staffing
services to outsourced corporate help desk services. In
Europe, the Company also provides
fulfillment services, which include order processing, payment
processing, inventory control, product delivery and product returns
handling. Additionally, through the Company's acquisition of RPA
provider Symphony Ventures Ltd ("Symphony") coupled with its
investment in AI through XSell Technologies, Inc. ("XSell"), the
Company also provides a suite of digital transformation
capabilities that optimizes its differentiated full lifecycle
management services platform. The Company's complete service
offering helps its clients acquire, retain and increase the
lifetime value of their customer relationships. The Company has
developed an extensive global reach with customer experience
management centers across six continents, including North America, South
America, Europe,
Asia, Australia and Africa. The Company delivers cost-effective
solutions that generate demand, enhance the customer service
experience, promote stronger brand loyalty, and bring about high
levels of performance and profitability. For additional information
please visit www.sykes.com.
Contact
Sitel Group media contact:
Rebecca Sanders
Sitel Group
(615) 428-3340
rebecca.sanders@sitel.com
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SOURCE Sitel Group