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 (NYSE: SRT) has announced the appointment of Nishit Shah as Global CFO and Jayanta Lahiri as Global CIO, completing its executive team. Shah, with 23 years of experience, aims to enhance financial operations and accelerate growth. He previously worked at Birlasoft, implementing automation in financial reporting. Lahiri, with over 30 years in digital transformation, will focus on IT security and agility. Both executives will report directly to CEO Bharat Rao, who emphasized the importance of their roles in driving innovation in omnichannel customer experience.
Startek (NYSE: SRT) has announced Bharat Rao's promotion to Global CEO, effective immediately, as he transitions from his role as president. Rao, with over 30 years of experience in the outsourcing industry, aims to enhance Startek's digital-first customer experience (CX) strategies. Ronald Gillette has joined as Strategic Advisor and Head of Business Transformation, focusing on optimizing CX delivery. Rao's leadership is expected to drive innovation and growth in Startek's offerings, ensuring a robust market position in the competitive CX landscape.
Startek (NYSE:SRT) has been awarded the 2021 Americas New Product Innovation Award by Frost & Sullivan for its innovative customer experience (CX) outsourcing services. The award acknowledges Startek's integration of AI and digital solutions to enhance CX while ensuring the availability of human agents for complex interactions. The Startek Cloud platform enables secure, flexible work environments, significantly improving customer retention and driving revenue growth. This recognition reflects Startek's commitment to leveraging technology for superior customer outcomes.
On January 25, 2022, Frost & Sullivan recognized Startek (NYSE: SRT) with the 2021 Americas New Product Innovation Award for its customer experience outsourcing services. This award highlights Startek's innovative approach, integrating live agent interactions with digital solutions. Startek Cloud enhances operational flexibility, allowing agents to work securely from various locations, ensuring data privacy and compliance. The award underscores Startek's commitment to leveraging AI and automation to improve customer outcomes and drive growth.
The board of directors of Startek (NYSE: SRT) has formed a special committee to evaluate a non-binding acquisition proposal from CSP Management Limited. The offer, dated December 20, 2021, proposes to buy the remaining shares of Startek at $5.40 per share, with CSP already owning approximately 55.3% of outstanding shares. Legal counsel has been engaged, and no decisions on the proposal have yet been made. Shareholders are cautioned that a definitive offer may not materialize.
Startek (NYSE: SRT) has been awarded by Enterprise Asia’s International Innovation Awards for its advancements in cloud and digital technologies, enhancing customer experience amid the COVID-19 pandemic. The award recognizes Startek’s innovative solutions in the Service and Solution category. The company’s next-gen Startek Cloud platform integrates AI and teleworking capabilities, promoting business continuity. Startek’s hybrid omnichannel solutions leverage intelligent automation and analytics, catering to over 200 clients across diverse industries.
Startek (NYSE: SRT) has announced key leadership appointments, naming Abhinandan Jain as Chief Digital Officer and Rebecca Gautrey as Chief Marketing Officer. These additions aim to enhance the company's digital innovation and marketing strategies, aligning with its goal to transform customer experience (CX) through advanced technology. Jain brings extensive experience from Servion, while Gautrey has a strong track record in brand management. Both leaders are expected to drive growth and deliver innovative solutions in the rapidly evolving CX landscape.
Startek, Inc. (NYSE:SRT) reported Q3 2021 net revenue of $172.8 million, a 6% year-over-year increase from $162.7 million. However, gross profit decreased to $21.5 million (down 3%) with a gross margin of 12.5%, affected by labor shortages and a cybersecurity event. Net income fell to $0.1 million (EPS of $0.00, down 79%). Adjusted EBITDA rose slightly to $15.9 million. The company strengthened its management team with new appointments, aiming for continued growth in key verticals.
Startek, Inc. (NYSE: SRT) will hold a conference call on November 2, 2021, at 5:00 p.m. Eastern time to discuss its third-quarter financial results ending September 30, 2021. The call will include a question-and-answer session, and results will be reported via press release beforehand. Interested parties can join the call by dialing (844) 239-5283 for toll-free access or (574) 990-1022 for international participants. A replay of the call will be available from 8:00 p.m. Eastern time on the same day through November 9, 2021.
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