Convergys buys Stream for $820m

Staff writer
23 Jan 2014
00:00

Convergys and Stream Global Services have entered into a definitive merger agreement under which Convergys will acquire Stream for a total enterprise value of $820 million in cash.

By adding Stream’s complementary client base, geographic footprint and service capabilities, Convergys expects the acquisition to expand and strengthen its US and global presence in the $55 billion outsourced customer management services industry.

When combined, total company revenue is expected to exceed $3 billion, creating the second largest customer management services provider in the world.

Convergys also reaffirmed its 2013 guidance for revenue to be around $2.045 billion, adjusted EBITDA to exceed $248 million, and adjusted EPS from continuing operations to approximate $1.10.

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