Sitel Group®, a leading global provider of customer experience (CX) products and solutions, today announced it has entered into a definitive agreement to acquire Sykes Enterprises, Incorporated (“SYKES”) (NASDAQ: SYKE), a leading full life cycle provider of global customer experience management services, multichannel demand generation and digital transformation. Under the terms of the agreement, a subsidiary of Sitel Group will acquire all outstanding shares of SYKES common stock in an all-cash transaction valued at approximately $2.2 billion.
Sitel Group is active in the global customer experience sector, offering a wide range of products and solutions for its more than 400 customers. The acquisition of SYKES makes the combined company poised for sustainable growth, as one of the leading BPO players with a comprehensive range of CX products and solutions, leveraging EXP+™, the Enterprise Experience Platform from Sitel Group.
Following the proposed transaction, the combined company will employ 155,000 employees across global offices in 39 countries, serving 600+ clients in over 50 languages. With the combined company’s increased capacity, it is expected to reach a revenue greater than $4 billion in 2021; this growth will be a significant asset to offer Sitel Group clients a diversified delivery mix, as the expanded geographic footprint will provide more variety for their onshore, nearshore and offshore needs.
“We are committed to our people and the legacy of Sitel Group in the business landscape; by joining forces with such a healthy, profitable and financially solid U.S. brand that also has a stellar reputation, we will further enhance our global reach,” said Laurent Uberti, President, Chief Executive Officer & Co-Founder of Sitel Group.
Olivier Camino, Global Chief Operating Officer & Co-Founder of Sitel Group said, “Post-pandemic, the forces of digital disruption and dynamism are accelerating. A new world is emerging with the rise of the work at home model, and the need for valuable emotional connections and conversations between brands and their consumers has never been so important. With our expanded geographic footprint and greater capacity to serve customers, we will be better equipped to help our customers navigate the rapid changes within the industry. This acquisition is a fantastic opportunity for Sitel Group to enhance and accelerate our CX products and solutions within EXP+™, especially with the addition of SYKES’ CX solutions in digital, social media and robotic process automation (RPA), through their suite of digital transformation capabilities such as Clearlink and Symphony.”
Uberti added, “We began this journey more than 25 years ago, and our entrepreneurial mindset guides us today in driving innovation to enhance the CX journey for our customers and preparing for tomorrow, so we can build the future with confidence as a leading global player. Further, we are passionate about elevating the employee experience, along with our talented people around the world and people-centric values. We are excited about our future and continuing our story with best-in-class CX delivery for our customers and a greater employee experience for our combined 155,000 employees. We have tremendous respect for Chuck Sykes and the business he and his family have built.”
“This combination marks a major milestone in our more than 40-year operating history,” said President & Chief Executive Officer of SYKES, Chuck Sykes. “As we embark on the next phase of our journey, there is an opportunity to take the business to historic heights with a proven partner. I am confident that we have a valuable partner with a solid heritage of deep industry knowledge and experience, credible industry reputation, shared vision and an employee-first culture to further advance our leadership position as a leading global provider in a highly fragmented customer experience marketplace.”
The transaction is not subject to a financing condition and is expected to be completed in the second half of 2021, subject to the approval of SYKES’ shareholders and customary closing conditions, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other regulatory clearances. Upon the closing of the transaction, SYKES will become a privately-held company and its shares will cease trading on Nasdaq.