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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) 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.
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