Welcome to our dedicated page for Startek news (Ticker: SRT), a resource for investors and traders seeking the latest updates and insights on Startek stock.
Startek, Inc. (NYSE: SRT) is a leading global business process outsourcing (BPO) company committed to enhancing customer experiences across various stages of the customer lifecycle. Founded over 35 years ago, Startek employs more than 38,000 associates worldwide, delivering services in 12 countries. The company offers a comprehensive range of customer service solutions through multiple channels such as voice, chat, email, and IVR interactions, tailored to the needs of its clients.
The company excels in providing front- to back-office capabilities through its 15 contact centers located onshore, nearshore, and offshore, alongside its Startek@home delivery platform. Notably, Startek Health caters to the healthcare industry, offering services like nurse triage, after-hours support, and remote patient monitoring.
Startek has made headlines recently with its acquisition by Capital Square Partners (CSP). The all-cash transaction, valued at approximately $217 million, is expected to close by the end of 2023. This move will transition Startek from a publicly-traded entity on the New York Stock Exchange to a private company.
Moreover, Startek continues to receive industry recognition. The company was named a Major Contender by Everest Group in the Customer Experience Management (CXM) in the APAC PEAK Matrix® Assessment 2023. This accolade highlights Startek's ability to deliver exceptional, innovative digital-first CX solutions in a competitive market.
Financially, Startek reported net revenue of $93.63 million for Q3 2023, marking a slight decrease from the previous year due to foreign currency fluctuations and varied client activity. Despite this, operational efficiencies have led to reduced SG&A expenses and an adjusted net income increase of 108.64% to $11.83 million for the same period.
Startek's strategic partnerships, such as its collaboration with Jemena, an Australian energy distributor, exemplify its commitment to modernizing customer experience delivery. The partnership's success is evident through improved service metrics and customer engagement, driven by cutting-edge technology implementations like AI-driven IVR and natural language voice bots.
For more information, visit Startek's website and follow them on LinkedIn.
Startek, Inc. (NYSE: SRT) has successfully completed the divestiture of its 51% stake in Contact Center Company (CCC) to Arabian Internet and Communications Services Company (Solutions) for an enterprise value of approximately
Startek, Inc. (NYSE:SRT) reported Q4 and full-year 2022 financial results, showing a decline in net revenue due to the insourcing of a key client and discontinuation of operations in Argentina and the Middle East. Q4 net revenue totaled $92.96 million, down 18.22% from $113.67 million in Q4 2021. Gross profit declined to $16.80 million, but gross margin improved to 18.07%. The company posted a net loss of $3.13 million, or $(0.08) per share. However, it reported adjusted net income of $14.15 million, or $0.35 per diluted share, an increase of 9.78% year-over-year. Strategic divestitures aim to strengthen the balance sheet and refocus on core business growth.
Startek, Inc. (NYSE: SRT) will hold a conference call on March 27, 2023, at 5:00 p.m. ET to discuss its financial results for the fourth quarter and full year ended December 31, 2022. A press release containing the results will precede the call. Interested parties can join by dialing 1-844-826-3035 for toll-free access or 1-412-317-5195 for international calls. Following the discussion, a question-and-answer session will occur. A replay of the call will be available after 8 p.m. ET the same day through April 3, 2023. Startek provides tech-enabled customer experience solutions across various industries.
Startek (NYSE: SRT), a leader in customer experience solutions, has been recognized for the third consecutive year on the Global Outsourcing 100 list by the International Association of Outsourcing Professionals (IAOP). This accolade highlights Startek's commitment to providing exceptional service amidst industry challenges. With operations in 13 countries and a workforce of over 43,000, the company manages 500 million customer interactions annually, solidifying its status in the CX management sector. IAOP's rigorous judging criteria emphasizes the transformative impact of service providers during unprecedented times.
Startek, Inc. (NYSE: SRT) announced the divestiture of its stake in Contact Center Company (CCC) to Arabian Internet and Communications Services Company. This transaction, valued at SAR450 million (approximately $61.2 million), will allow Startek to focus on its core business. Proceeds will be used to pay down debt under its secured revolving credit facility. The deal, expected to close in Q2 2023, enables Startek to strengthen its balance sheet while continuing to pursue growth opportunities.
Startek, Inc. (NYSE: SRT) has accepted a final acquisition offer from Arabian Internet and Communications Services Company (Solutions) for its 51% interest in Contact Center Company (CCC) in Saudi Arabia. The deal, valued at
Startek, Inc. (NYSE:SRT) reported its Q3 2022 financial results, showing a net revenue decrease of 5.6% to $163.1 million, mainly impacted by foreign exchange headwinds and the end of a media client contract. However, gross profit rose by 7.4% to $23.1 million, improving gross margin to 14.2%. The company achieved 28 new customer wins year-to-date, projecting future revenue growth. Despite a net income drop to $0.03 million, adjusted net income increased by 41.4% to $4.1 million, showing resilience in challenging conditions. A conference call for further insights is scheduled for November 9, 2022.
FAQ
What is the market cap of Startek (SRT)?
What services does Startek, Inc. provide?
What is the significance of Startek's acquisition by CSP?
How does Startek support the healthcare industry?
What was Startek's financial performance in Q3 2023?
What recognition has Startek received recently?
What are Startek's key areas of operation?
Who are Startek’s strategic partners?
What is Startek's approach to digital transformation?
How does Startek enhance customer retention?
Where can I find more information about Startek?
