Welcome to our dedicated page for TTEC Holdings news (Ticker: TTEC), a resource for investors and traders seeking the latest updates and insights on TTEC Holdings stock.
TTEC Holdings, Inc. (NASDAQ:TTEC) is a prominent global player in the customer experience (CX) technology and services sector. Established in 1982, TTEC has been at the forefront of delivering innovative AI-enabled CX solutions that cater to both iconic and disruptive brands. The company operates through two main segments: TTEC Digital and TTEC Engage.
TTEC Digital focuses on creating and implementing cloud-based and on-premises customer experience tools that help clients develop comprehensive customer engagement strategies. This segment leverages next-gen digital and cognitive technology to design, build, and operate omnichannel contact center technology, CRM, automation (AI/ML and RPA), and analytics solutions.
TTEC Engage is dedicated to delivering sales and marketing solutions aimed at boosting client revenue. It manages customer front-to-back office processes to enhance the overall customer experience. This segment provides digital customer engagement, customer acquisition and growth, content moderation, fraud prevention, and data annotation solutions.
Serving a diverse clientele across the United States, Canada, Asia-Pacific, and India, TTEC has earned high client NPS scores globally. Its 64,400 employees operate on six continents, merging technology with human expertise to deliver exceptional customer outcomes.
Recently, TTEC has received several accolades, including being named the Cisco Partner Summit 2023 Collaboration Partner of the Year for the U.S. West Region. The company has also been certified as a Great Place to Work® in 14 countries, highlighting its commitment to fostering a positive workplace culture.
Latest news from TTEC includes the results of its inaugural AI Readiness Assessment, which indicates a shift from AI hype to practical implementation demands. Additionally, the company announced the appointment of Kenneth R. Wagers III as the new Chief Financial Officer, effective March 1, 2024.
TTEC continues to make strides in the digital transformation of customer interactions, driving revenue growth and improving customer loyalty through its innovative solutions and strategic partnerships. The company’s financial health remains robust, with a focus on sustainable growth initiatives and debt reduction.
TTEC Digital, a division of TTEC Holdings Inc. (NASDAQ: TTEC), has been named a Major Contender in the 2024 Everest Group PEAK Matrix® Assessment for Digital Transformation Services for Mid-market Enterprises. The recognition follows TTEC's earlier designation as a Leader in Everest Group's 2024 Customer Experience Management Services assessment. The evaluation highlights TTEC Digital's strengths in delivering value through digital services, client relationships, and strategic market approach. The company's focus includes leveraging AI, data analytics, and automation to enhance customer experience for mid-market enterprises.
TTEC Holdings celebrates significant growth in India, marking one-year anniversaries of its Mumbai Customer Experience Center and Hyderabad Digital Innovation Studio. With 24 years of operations in India, TTEC has added 800 positions over the past year, bringing total employment to approximately 3,500 across locations including Ahmedabad and Chennai.
The Mumbai center delivers customer support and operational efficiency for global clients across healthcare, banking, financial services, insurance, and tech support. The Hyderabad studio serves as a hub for CX hyperscaler platforms, focusing on Contact Center, CRM, and AI & Analytics solutions.
TTEC's Indian workforce features 32% women, 82% degree holders, and 21% engineers. The company is recognized as a Great Place to Work® in India and among the Best Companies to Work for in Asia.
TTEC announced its third quarter 2024 financial results, reporting a 12.2% decline in revenue to $529.4 million compared to the prior year. The company posted a GAAP net loss of $19.0 million and a negative $0.40 fully diluted net loss per share. Adjusted EBITDA was $50.3 million, or 9.5% of revenue. Cash flow from operations was a negative $91.4 million, primarily impacted by the discontinuation of the accounts receivable factoring facility. TTEC's net debt increased to $931.5 million. Segment-wise, TTEC Digital revenue fell 13.2% to $115.7 million, while TTEC Engage revenue decreased 11.9% to $413.8 million. The company sold a real estate asset for $45.5 million to reduce debt and suspended its semi-annual cash dividend. Full-year 2024 guidance projects revenue of $2,210M-$2,260M and Non-GAAP EPS of $0.64-$0.83.
TTEC Holdings announced that its Special Committee has retained Rothschild & Co as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor. These appointments are to evaluate the unsolicited proposal from CEO Kenneth Tuchman to acquire remaining shares at $6.85 per share, received on September 27, 2024. The Special Committee is reviewing the proposal and potential alternatives, with no decision made yet. No immediate action is required from stockholders, and there's no guarantee of a definitive agreement or transaction completion.
TTEC Holdings has been named a Leader in Everest Group's 2024 Customer Experience Management (CXM) Services PEAK Matrix® Assessment for the Americas for the fourth consecutive year, while maintaining its Major Contender status in APAC and EMEA regions. The recognition highlights TTEC's excellence in delivering AI-enhanced CX solutions through its extensive delivery footprint and strategic partnerships with major tech providers.
The company's strengths include its workforce of over 50,000 agents, advanced AI-driven tools like RealSkill and LetMeKnow, and innovative engagement models such as SandCastleCX and SurroundCX. TTEC's global expansion into Colombia, Egypt, Malaysia, South Africa, and Rwanda, combined with its focus on digital transformation and AI-powered solutions, reinforces its position as a trusted global CXM partner.
TTEC Holdings, Inc. (NASDAQ:TTEC), a leading global CX technology and services innovator for AI-enabled CX solutions, has announced its schedule for the release of third quarter 2024 earnings. The company will release its earnings results after market close on Wednesday, November 6, 2024, followed by a press release. TTEC will then host a live webcast and conference call at 8:30 a.m. ET on Thursday, November 7, 2024.
Investors and interested parties are invited to join the live webcast by visiting the "Investors Relations" section of the TTEC website at www.ttec.com. For those unable to participate during the live webcast, a replay will be available on the TTEC website.
TTEC Digital, a division of TTEC Holdings Inc. (NASDAQ:TTEC), has achieved the Microsoft Business Applications 2024/2025 Inner Circle Award for the ninth consecutive year. This recognition is based on outstanding sales achievements and innovation, placing TTEC Digital in the top tier of Microsoft's global partner network. The company's expertise in customer experience (CX) consulting, software, and technology services has been instrumental in helping major industries transform their CX strategies.
TTEC Digital boasts over 1,400 certifications and a four-decade partnership with Microsoft. In 2024, it was named a launch partner for Microsoft's new Dynamics 365 Contact Center. The company has also developed a Workforce Management (WFM) Adapter for Microsoft Dynamics 365 Customer Service, enhancing contact center management capabilities.
TTEC Holdings, Inc. (NASDAQ:TTEC) has received an unsolicited proposal from its founder, Chairman, and CEO Kenneth Tuchman to take the company private. The offer proposes to purchase all outstanding shares not already owned by Tuchman and his affiliates at $6.85 per share, representing a 55% premium to the 30-day volume-weighted average price and a 69% premium to the most recent closing price.
Tuchman, who beneficially owns approximately 58% of TTEC's common stock, believes that returning to a private structure would benefit all stakeholders by providing liquidity to public shareholders and allowing the company to operate with greater flexibility. The proposal is subject to various conditions, including financing, negotiation of a definitive agreement, and approval by both a Special Committee of independent directors and a majority of non-affiliated shareholders.
TTEC's Board has established a Special Committee to evaluate the proposal. There is no assurance that a definitive offer will be made or that any transaction will be approved or completed.
TTEC Holdings, Inc. (NASDAQ: TTEC), a global CX technology and services innovator, has received multiple workplace culture awards across various countries. These recognitions highlight TTEC's success in creating an environment that prioritizes diversity, employee development, well-being, and innovation.
Key achievements include being honored among the 2024 Best Companies to Work for in Asia, winning gold and silver at the 2024 HR Excellence Awards – Philippines, and being named to UK's Best Workplaces 2024 for Development™, Wellbeing™, and Women™. TTEC's workplace culture combines strategic use of AI to enhance employee experience, focus on impactful learning and development, and a tradition of celebrating achievements.
TTEC's employee-first strategy has proven instrumental in driving innovation and leadership in the rapidly evolving, AI-enhanced CX industry.
TTEC (NASDAQ:TTEC) reported its Q2 2024 financial results, with revenue of $534.1 million, an 11% decrease YoY. Operating loss was $224.4 million, largely due to $233.5 million in non-cash goodwill impairments.
Net loss reached $296.8 million, translating to a loss per share of $6.23. Non-GAAP net income, however, was $6.6 million with $0.14 per share.
The Adjusted EBITDA was $46.2 million, or 8.7% of revenue. Cash flow from operations was $49.3 million, while capital expenditures were $14.2 million. The company's net debt position increased to $853.4 million.
Segment-wise, TTEC Digital saw a modest 1% decline in revenue to $116.4 million, while TTEC Engage experienced a 13.5% drop to $417.7 million. The outlook for FY 2024 remains cautious, with TTEC adjusting its guidance to reflect current market challenges.
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