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Concentrix Corporation (NASDAQ: CNXC) is a leading global provider of customer experience (CX) solutions and technology. The company specializes in end-to-end customer engagement services, technology innovations, analytics, process optimization, and business improvements. Concentrix partners with clients across various industries to transform the customer experience and streamline both front and back-office operations. With a presence in over 70 countries and a diverse workforce of more than 100,000 professionals speaking 40+ languages, Concentrix ensures high-value service delivery at scale.
Concentrix serves key industry verticals including technology & consumer electronics, retail, travel & e-commerce, banking, financial services & insurance, healthcare, communications & media, automotive, and energy & public sector. Its comprehensive service offerings include CX process optimization, front- and back-office automation, analytics, and digital IT services, which have garnered trust from marquee multinational brands.
The company recently completed its strategic combination with Webhelp, further strengthening its global footprint and service capabilities. This merger has already shown promise with increased client demand for the expanded offerings. Additionally, Concentrix has been at the forefront of deploying generative AI solutions and digital innovations to enhance client outcomes.
Financially, Concentrix demonstrated strong performance in its third quarter of fiscal 2023, with revenue growth and profitability meeting expectations. The company's free cash flow increased by 32% year over year. Moving forward, Concentrix is poised for continued growth, driven by vendor consolidation trends and an expanding portfolio of generative AI solutions.
Recent achievements include being ranked 499 on the Fortune 500® list and receiving various industry awards for advancements in AI and business automation. Concentrix remains committed to delivering exceptional value to its clients and shareholders through innovative solutions and steadfast execution.
Concentrix Corporation (Nasdaq: CNXC) has completed its acquisition of PK, a leading global customer experience (CX) digital design firm, marking its first acquisition since becoming publicly traded. PK boasts over 5,000 employees across 20 cities in four countries. This strategic acquisition aims to enhance Concentrix's digital transformation capabilities, leveraging new technologies and services to strengthen customer experience. CEO Chris Caldwell emphasized the opportunity to attract talent and drive above-market growth through this synergy.
Concentrix Corporation (NASDAQ: CNXC) has announced its agreement to acquire PK, a global CX design engineering firm, for approximately $1.6 billion. The acquisition aims to enhance Concentrix's digital transformation capabilities and strengthen its presence in the $270 billion digital IT services market. PK is expected to contribute about $530 million in revenue and $85 million in adjusted EBITDA in the first year post-acquisition. The deal is anticipated to be accretive to earnings and financed primarily through bank debt, with a net leverage ratio of 2.5x expected at the close of the transaction.
Concentrix Corporation (NASDAQ: CNXC) reported robust fiscal Q3 2021 results, achieving $1.397 billion in revenue, a 20.1% increase year-over-year. Operating income surged to $151.4 million, representing 10.8% of revenue, while non-GAAP operating income grew 49.2% to $181.6 million. Net income reached $109.8 million, a substantial 141.9% increase. The company declared a quarterly dividend of $0.25 per share and announced a $500 million share repurchase program aimed at enhancing shareholder value. Strong market fundamentals support projected annual revenue growth of 17%.
Concentrix Corporation (NASDAQ: CNXC) announces its fiscal Q3 2021 financial results will be released after market close on September 27, 2021. The company will hold a conference call and webcast to discuss these results on September 28, 2021, at 9:00 am ET. This session will be accessible in listen-only mode via the Investor Relations section of their website. Concentrix is a global leader in customer experience solutions, serving over 100 Fortune Global 500 clients across various sectors from more than 40 countries.
On July 7, 2021, Abry Partners and Hoplon Capital completed the acquisition of Concentrix Corporation's insurance third-party administration and software platform, now rebranded as illumifin. The company aims to deliver technology-enabled services to the insurance industry, with Phil Ratcliff as the new CEO. This strategic move is expected to enhance illumifin's capabilities in providing innovative solutions for individual and group insurers, leveraging deep industry expertise. Abry Partners expressed confidence in illumifin's management and the significant opportunities within the insurance market.
Concentrix Corporation (NASDAQ: CNXC) reported strong financial results for Q2 FY2021, with revenue of $1,369.9 million, marking a 28.5% increase year-over-year. Operating income surged to $128.2 million (9.4% margin), compared to $23.6 million (2.2%) in the previous year. Non-GAAP net income rose to $124.9 million, up 253.8% from $35.3 million. Diluted EPS was $1.57, a significant jump from $0.05. The company aims for constant currency revenue growth exceeding 10% for fiscal 2021 amidst rising demand for customer experience solutions.
Concentrix Corporation (NASDAQ: CNXC) will announce its fiscal Q2 2021 financial results on June 23, 2021, after the market closes. A conference call to discuss these results is scheduled for June 24, 2021, at 9:00 am ET, available via webcast. Concentrix is renowned for delivering customer experience solutions globally, serving over 100 Fortune Global 500 clients.
Concentrix Corporation (NASDAQ: CNXC) announces management presentations at two upcoming investor conferences. The CEO Chris Caldwell and CFO Andre Valentine will present at the Cowen 49th Annual Technology, Media & Telecom Conference on June 3, 2021, at 9:10 AM EDT, and at the Baird 2021 Global Consumer, Technology & Services Conference on June 8, 2021, at 3:10 PM EDT. Live webcasts will be accessible via Concentrix’s website, with replays available for 90 days.
Concentrix Corporation (NASDAQ: CNXC) announced a definitive agreement to sell its insurance third-party administration operations, known as Concentrix Insurance Solutions, to Abry Partners and Hoplon Capital. The sale aims to create a standalone company to innovate within the insurance sector. The transaction is expected to close by the end of May 2021, pending regulatory approval. This strategic move allows Concentrix to focus on its core customer experience solutions. The company's financial guidance for 2021 remains unchanged, and the sale's proceeds will bolster its investment in core capabilities.
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