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), a leader in customer experience management, launched a vaccination clinic at its BPO campus in Farmington, MO, on April 10, 2021. This initiative, in collaboration with the Saint Francois County Health Department and the Missouri National Guard, aims to enhance COVID-19 vaccine accessibility for the community. The company remains committed to corporate social responsibility, actively supporting local health efforts and exploring the potential for additional vaccination sites based on community needs. Startek operates over 40,000 CX experts across 46 campuses globally.
Startek, Inc. (SRT) reported Q4 2020 net revenue of $174.5 million, up from $171.6 million year-over-year, driven by strong seasonal demand. Gross profit rose to $30.9 million with a gross margin of 17.7%. However, the company reported a net loss of $7.6 million, partially due to a $13.2 million goodwill impairment. For the full year, net revenue was $640.2 million, down from $657.9 million in 2019, with a significant net loss of $39.0 million. Startek completed a $185 million debt refinancing to enhance liquidity and support growth initiatives.
Startek, Inc. (NYSE: SRT), a leader in customer experience management, will hold a conference call on March 15, 2021, at 5:00 p.m. ET to discuss its Q4 and full-year 2020 financial results. The press release with the financial results will be issued prior to the call. Participants can dial in using the toll-free number (844) 239-5283 or the international number (574) 990-1022. A replay will be available post-conference until March 22, 2021. Startek provides tech-enabled business process management solutions and serves over 250 clients across diverse industries.
Startek (NYSE: SRT) announced the appointment of Vikash Sureka as the new Global Chief Financial Officer (CFO), starting February 25, 2021. He succeeds Ramesh Kamath, who will now serve as Senior Advisor for M&A and Strategy. Vikash brings 25 years of finance experience, having previously served as CFO at IBS Software, where he improved various finance functions. Executive Chairman Aparup Sengupta expressed confidence in Vikash's ability to drive profitable growth and implement effective financial controls, especially during this pivotal time for the company.
StarTek, a global customer experience management provider, announced a strategic investment of $30 million in CSS Corp, an IT services company. This investment gives StarTek an indirect beneficial interest of about 26% in CSS and an option to acquire a controlling stake. CSS, which has a strong recurring revenue model and operates across five continents, focuses on technology-centric support services. StarTek's CEO emphasized that this partnership will accelerate their digital service adoption and enhance margin potential.
Startek, Inc. (NYSE: SRT) announced a successful refinancing of $185 million in senior debt, consisting of a $165 million term loan and a $20 million revolving credit facility. The new debt features a principal repayment moratorium for 21 months and an interest rate set at LIBOR plus 450 basis points, contingent on the company's consolidated net leverage ratio. This refinancing, underwritten by ING Bank N.V. and DBS Bank Ltd., aims to enhance liquidity and provide operational flexibility, allowing Startek to pursue growth opportunities effectively.
Startek, Inc. (NYSE:SRT) reported its third-quarter financial results for 2020, revealing a net revenue of $162.7 million, a slight decrease from $164.6 million in Q3 2019. Gross profit fell to $22.9 million with a gross margin of 14.1%. Despite the drop, net income improved to $0.4 million compared to a loss of $2.8 million in the prior year. Adjusted EBITDA rose 16.8% to $15.6 million. The company noted operational improvements and a focus on digital initiatives, preparing for future revenue growth amidst ongoing challenges from the pandemic.
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