Concentrix is a global technology and services company. Concentrix was a subsidiary of SYNNEX Corporation (NYSE: SNX) since 2006 and went public as an independent company on December 1, 2020.[4] Concentrix is headquartered in Newark, California.
 | |
| Company type | Public |
|---|---|
| ISIN | US20602D1019 |
| Industry | Business services |
| Founded | 1983 |
| Headquarters | , U.S. |
Area served | Worldwide |
Key people | Christopher Caldwell[1] (CEO) |
| Revenue |  US$7.88 billion (2024)[2] |
Number of employees | 440,000+[3] |
| Website | concentrix |
Concentrix made its debut on the Fortune 500 list in 2024, ranking #499.[5]
History and acquisitions
Concentrix was founded in 1969, its heritage can be traced back to 1973 to its insurance administration business solutions and services which were acquired in 2013 by Concentrix from IBM.[6] Concentrix has grown through multiple acquisitions, bringing on board eight companies since 2006. Two of the acquisitions that are especially notable include the IBM Worldwide Customer Care Services Business (known as IBM Daksh) and the Minacs Group Pte.
On June 28, 2018, Convergys and Synnex announced they had reached a definitive agreement in which SYNNEX would acquire Convergys for $2.43 billion in combined stock and cash, and integrate it with Concentrix.[7]
On October 5, 2018, Convergys Corporation and Synnex announced that they had completed the merger.[8]
In May 2022, Concentrix announced the organisation has a definitive agreement to acquire U.S based B2B customer experience technology and solutions company, ServiceSource International, Inc. (NASDAQ: SREV). The deal was worth $131 million.[9]
On March 29, 2023, Concentrix announced the acquisition and merger of Concentrix and Webhelp in a transaction worth $4.8 billion. The overall combined company value is estimated to total around $9.8 billion.[10] In September 2023, it was announced the European Commission had approved the acquisition, under EU Merger Regulations.[11]
HMRC contract
In 2014, Concentrix won a £75 million contract from the UK's tax authority, HM Revenue and Customs, to review two million tax credit claims for fraud and incorrect tax credit awards.[12] Tax credits are a form of UK social welfare benefit paid out to parents and workers on low incomes.
In 2016, Concentrix was receiving heavy criticism from the cross-party parliamentary committee on welfare for incorrectly closing the claims of tens of thousands of claimants, leaving them without money for essentials.[13] A government report disclosed that of 36,000 appeals against Concentrix, 87% were upheld.[14] In September 2016, HMRC announced that it would not renew the contract, due to expire in 2017, although the Treasury has resisted calls for a full inquiry thus far.[15] As a result of Concentrix's failings, thousands of claimants are also due to receive back-payments for incorrectly stopped claims.[16] Processing the resultant case reviews cost HMRC £43 million.[17][18]
References
External links
- Official website
- Business data for Concentrix: