Concentrix
Business services company headquartered in Newark, California, US From Wikipedia, the free encyclopedia
Concentrix Corporation is an American business process outsourcing company headquartered in Newark, California. It was a subsidiary of SYNNEX Corporation (NYSE: SNX) since 2006 and went public as an independent company on December 1, 2020.[4][5] Concentrix made its debut on the Fortune 500 list in 2024, ranking #499.[6]
 | |
| Company type | Public |
|---|---|
| ISIN | US20602D1019 |
| Industry |
|
| Founded | 1983 |
| Headquarters | , U.S. |
Area served | Worldwide |
Key people | Christopher Caldwell[1] (CEO) |
| Services | |
| Revenue | US$7.114 billion (2023)[2] |
| US$661.3 million (2023)[2] | |
| US$437.9 million (2023)[2] | |
| Total assets | US$12.491 billion (2023)[2] |
| Total equity | US$4.413 billion (2023)[2] |
Number of employees | 440,000 (2023)[2][3] |
| Website | www |
History and acquisitions
Concentrix was founded in 1983, and it acquired its insurance administration business solutions and services in 2013 from IBM.[7] Concentrix has acquired eight companies since 2006, including IBM Daksh and the Minacs Group.
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.[8]
On October 5, 2018, Convergys Corporation and Synnex announced that they had completed the merger.[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 was estimated to total around $9.8 billion.[10] In September 2023, the European Commission had approved the acquisition, under EU Merger Regulations.[11]
On January 15, 2025, Concentrix announced its acquisition and incorporation of Philippines' CX-SP BlinkCX, a consulting firm.[12]
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.[13] 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.[14] A government report disclosed that of 36,000 appeals against Concentrix, 87% were upheld.[15] 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.[16] As a result of Concentrix's failings, thousands of claimants were also due to receive back-payments for incorrectly stopped claims.[17] Processing the resultant case reviews cost HMRC £43 million.[18][19]
References
External links
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