- By Alex Gaw
- December 30, 2021
Concentrix Corp., the CX services and technologies firm, has closed its billion-dollar acquisition of global CX digital design and engineering firm PK, and the integration process of the two CX providers is now underway, Concentrix announced in a statement. The transaction marks the first acquisition for California-based Concentrix since it became a publicly traded company in December 2020.
Concentrix, a global provider of CX and business performance solutions with a presence in 40 countries in six continents, first announced on November 23 the acquisition of Oregon-headquartered PK, which has a smaller international presence with its staff of more than 5,000 located across 20 cities in four countries. PK optimizes experiences for clients like Starbucks, Johnson & Johnson, Disney, Uber, and Microsoft.
Founded in 1983, Concentrix has brought eight companies on board since 2006, growing through multiple acquisitions over the years. The latest acquisition by Concentrix supports the company’s strategy of investing in digital transformation in its stated intention of delivering exceptional CX. The acquisition will accelerate the company’s ability to scale digital capabilities while building excellence in key high-growth areas like CX design and development, artificial intelligence (AI), intelligent automation, and customer loyalty.
Chris Caldwell, Concentrix CEO and president, had said that the transaction, valued at $1.6 billion at the time of acquisition, added “meaningful breadth and scale” to the CX capabilities of Concentrix. Addressing the acquisition at its close, Caldwell said: “The incredible talent of our collective teams was a driving factor in this transaction, giving both businesses an opportunity to leverage new capabilities, attract top talent, and most importantly, continue to grow above market.”
While the combined offering from the two companies may lean more toward customer service than sales and marketing, the divisions between those functions are blurring as CX now permeates every layer of a company, analysts say, starting from the supply chain, and then running through the C-suite, marketing, sales, service, and showing up finally in values-based communications.
The acquisition is also expected to add adjacent markets to the Concentrix portfolio. Concentrix provides services to clients in various industry verticals, including technology, retail and e-commerce, financial services, healthcare, communications, automotive, and energy. “As a result of this strategic transaction, the combination of these two leading providers uniquely brings together the best of digital CX solutions and services on a global scale,” Concentrix said in its statement.
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