Sitel Group has announced that it has agreed to buy Sykes Enterprises, Incorporated for USD 2.2 billion in a formal agreement. Sitel Group has announced that it has decided to buy Sykes Enterprises, Incorporated for USD 2.2 billion in a legal contract.
Sykes is a leading full life cycle provider of worldwide customer experience management services, multichannel demand creation, and digital transformation. At the same time, Sitel Group is a leading global provider of customer experience (CX) products and solutions. In the Philippines, both corporations have contact centers.
A Sitel Group subsidiary will purchase all outstanding shares of SYKES common stock in an all-cash transaction valued at roughly USD 2.2 billion under the terms of the agreement. The transaction is expected to close in the second half of 2021 and is not subject to any financing conditions.
According to Sitel, the purchase of Sykes positions the merged firm to be one of the leading BPO providers with a full range of CX products and solutions, utilizing EXP+, Sitel Group’s Enterprise Experience Platform.
Following the proposed merger, the merged business will have 155,000 employees working in 39 global offices, supporting 600+ clients in more than 50 languages. With the merged company’s increased capacity, revenue in 2021 is predicted to exceed USD 4 billion.