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), a global leader in customer experience solutions for 35+ years, maintains this comprehensive news hub for tracking corporate developments and strategic initiatives. Investors and industry observers will find verified updates on financial performance, operational milestones, and market positioning within the competitive BPO sector.
This resource centralizes essential information including earnings reports, partnership announcements, and recognition like Startek's recent designation as a Major Contender in Everest Group's APAC CXM assessment. Stay informed about transformative events such as the pending $217 million acquisition by Capital Square Partners and its implications for corporate structure.
Discover updates across key operational areas: customer service innovations through AI-driven platforms, healthcare-specific solutions via Startek Health, and global expansion efforts across 12 countries. The page also features strategic collaborations enhancing digital transformation in sectors like energy distribution.
Bookmark this page for ongoing access to Startek's verified corporate communications, financial disclosures, and industry analysis. Check regularly for updates reflecting the company's evolving position in the $350+ billion global customer experience management market.
Startek, Inc. (NYSE: SRT) will hold a conference call on November 9, 2022, at 5 p.m. ET to discuss its third quarter financial results for the period ending September 30, 2022. The call will be preceded by a press release detailing the results. Participants are advised to join 10-15 minutes early to register. A replay of the conference will be available from 8 p.m. ET on November 9 through November 16, 2022. Startek provides tech-enabled customer experience solutions across 13 countries, employing over 43,000 CX experts.
Startek recognized as a Leader in Social Media CX Services and Work From Home Services in Global ISG Provider Lens™ quadrant report on Contact Center – Customer Experience Services 2022.
Startek (NYSE:SRT) has been recognized as an industry Leader by ISG for its capabilities in Social Media CX and Work From Home Services. The report highlighted Startek's cloud-based platform, LISA, which efficiently manages social media analytics and streamlines workflow. Moreover, Startek's robust work-from-home toolkit enhances agent performance and customer satisfaction. This acknowledgment underscores Startek's commitment to evolving customer experience in a hybrid environment.
Startek has been recognized as a Leader in Social Media CX Services and a Rising Star in AI and Analytics and Work From Home Services in the U.S. ISG Provider Lens™ quadrant report on Contact Center - Customer Experience Services 2022.
The report highlights Startek's capabilities in managing social media interactions, advanced AI and analytics solutions, as well as its innovative work-from-home services through Startek Cloud. The company's focus on enhancing customer experience and adapting to evolving business needs positions it as a key player in the CX market.
Startek (NYSE:SRT), a global customer experience solutions provider, announced a strategic shift that is yielding positive business outcomes. CEO Bharat Rao highlighted the company's focus on core client needs, enhanced leadership, and strong associate engagement as key factors in driving growth. Startek has gained recognition for its employee experience and capabilities, winning multiple awards in 2022. The launch of the Startek Agent AI platform aims to improve customer service efficiency. Through digital enhancements, Startek aims to strengthen existing client relationships while attracting new clients in various sectors.
The Special Committee of Startek's Board has rejected a non-binding acquisition proposal from CSP Management to buy remaining shares at $4.65 each, deeming it inadequate. CSP holds approximately 56% of Startek's shares. An updated financial forecast predicts annual revenue growth exceeding 5% from 2023-2026, with adjusted EBITDA margins approaching 11% by 2026. The Committee decided the proposal did not align with shareholder interests and has communicated its willingness to consider a revised offer.
The Special Committee of the Board of Directors of Startek (NYSE: SRT) announced a new non-binding proposal from CSP Management Limited to acquire all outstanding shares of Startek at $4.65 per share in cash, down from a previous proposal of $5.40 per share. CSP, which holds approximately 56% of Startek's shares, intends to fund the acquisition entirely with equity financing after failing to secure debt financing. The Special Committee has not yet determined the fairness of the new proposal.
Startek, Inc. reported its second-quarter 2022 financial results, revealing a net revenue decline of 11.3% year-over-year, totaling $167.6 million. Gross profit fell 32.1% to $16.7 million, resulting in a gross margin of 10.0%. The company faced increased SG&A expenses of $13.7 million, marking an 11.4% rise from the prior year. Net income plunged 72.5% to $1.9 million, with an EPS decrease of 70.6%. Despite these challenges, Startek secured seven new contracts and anticipates future growth as it ramps up client services, particularly in India.
