Concentrix

Concentrix, an American business services company specializing in customer engagement and business performance. Concentrix was a subsidiary of SYNNEX Corporation (NYSE: SNX) since 2006 and went public as an independent company on Dec 01 2020, trading on NASDAQ as CNXC. [4] Concentrix is headquartered in Fremont, California. Concentrix provides services within 10 industries: Automotive, Banking and Financial Services, Consumer Electronics, Energy and Public Sector, Healthcare Services, Insurance, Media and Communications, Retail and eCommerce, Technology, and Travel, Transportation and Tourism.[5]

Concentrix
TypePublic
NASDAQ: CNXC
ISINUS20602D1019
IndustryBusiness services
Founded1983 (1983)
Headquarters
Fremont, CA
,
United States
Area served
Worldwide
Key people
Christopher Caldwell[1] (CEO)
Revenue $4.7 Billion(2019)[2]
OwnerConcentrix Corporation
Number of employees
250,000+ [3]
Websitewww.concentrix.com

History and acquisitions

Concentrix was founded in 1991, its heritage can be traced back to 1973 to its insurance administration business solutions and services which were acquired in 2013 by Concentrix from IBM.[6] Concentrix has grown through multiple acquisitions bringing on board eight companies since 2006. Two of the acquisitions that are especially notable include the IBM Worldwide Customer Care Services Business(known as IBM Daksh) and the Minacs Group Pte.

On June 28, 2018, Convergys and Synnex announced they have reached a definitive agreement in which SYNNEX would acquire Convergys for $2.43 billion in combined stock and cash, and integrate it with Concentrix.

On October 5, 2018, Convergys Corporation and Synnex announced that they have completed the merger.[7]

IBM Worldwide Services Business

On September 12, 2013, SYNNEX paid a purchase price of $505 million, consisting of approximately $430 million in cash and $75 million in SYNNEX common stock. Concentrix added 45,000 employees. The acquisition included adding over 300 clients delivering services in more than 40 languages through 50 delivery centers on six continents.[8]

Minacs Group

On August 2, 2016 SYNNEX announced completion of the acquisition of The Minacs Group Pte with closure on September 1, 2016.[9]

Advanced analytics capabilities

Includes Voice of the Customer Analytics (VOCA) for unstructured content analysis, performance scorecards, call centre analytics, call volume forecasting, operational analytics, agent optimization; IVR analytics; Text Analytics; web analytics customer life time value, revenue enhancement, and other analytics capabilities.

"Digital First" and multi-channel enablement

Voice, self-service, Interactive Voice Response (IVR), SMS, chat, mobile & smartphone support, web & social media, mail, fax and face-to-face integration (branch/store/office)

Technical and product support

Technical support, help desk, product activation, warranty service, service scheduling, and field support.

Collections

Axis Bank Collections portfolio at Mumbai, Bangalore and Noida in India. Responsible for collections of loan and credit card delinquent customers.

Sales

Lead generation, customer inquiry, promotions, multi-channel sales, product inquiry and demonstration, up-sell and cross-sell, negotiate and close, win-backs business-to-business sales support.

Service

Account management, customer care, problem and dispute resolution, correspondence management, and billing management.

Marketing

Lead management, campaign management, list generation, customer segmentation, customer profitability, market segmentation, product profitability, channel performance, prospect analysis, market analysis, and business unit analysis

Concentrix runs these services as part of an integrated global delivery network with centers located on six continents. Concentrix supports multiple communication channels that include voice, chat, email, SMS, and social media.

Concentrix provides systems for administration of life and health insurance products, tools for front-office engagement and process and operations enhancement through analytics, consulting for transformation, market optimization tools for enhancing the end-to-end customer life cycle, and focus on market optimization tools, digitalization and automation that includes Internet of Things (IoT), and Telematics business solutions.

Controversies

In 2014, Concentrix won a £75 million contract from the UK's tax authority, the HMRC, to review two million tax credit claims for fraud and incorrect tax credit awards.[10] Tax credits are a form of UK social welfare benefit paid out to parents and workers on low incomes.

In 2016, Concentrix was receiving heavy criticism from the cross-party parliamentary committee on welfare for incorrectly closing the claims of tens of thousands of claimants, leaving them without money for essentials.[11] A government report disclosed that of 36,000 appeals against Concentrix, 87% were upheld.[12] In September 2016, the HMRC announced that it would not renew the contract, due to expire in 2017, although the Treasury has resisted calls for a full inquiry thus far.[13] As a result of Concentrix's failings, thousands of claimants are also due to receive back-payments for incorrectly stopped claims.[14] Processing the resultant case reviews cost HMRC £43 million.[15][16]

References
  1. "Corporate Leadership Team". Synnex. 26 November 2019.
  2. https://www.prnewswire.com/news-releases/synnex-corporation-reports-fiscal-2019-fourth-quarter-and-full-year-results-300984591.html#:~:text=Concentrix%3A%20Revenue%20was%20%244.7%20billion,in%20the%20prior%20fiscal%20year.
  3. https://ir.concentrix.com/
  4. "Archived copy". Archived from the original on 12 October 2016. Retrieved 11 October 2016.CS1 maint: archived copy as title (link)
  5. "Locations".
  6. https://www.bloomberg.com/Research/stocks/private/snapshot.asp?privcapId=1051101
  7. "SYNNEX Corporation Completes Transaction with Convergys Corporation". convergys.com. Retrieved 5 October 2018.
  8. "Archived copy". Archived from the original on 26 October 2016. Retrieved 25 October 2016.CS1 maint: archived copy as title (link)
  9. "SYNNEX to acquire the Minacs Group Pte LTD. And integrate with Concentrix". 11 July 2016.
  10. "HMRC chief Jon Thompson confirms US firm Concentrix won't have tax credits contract renewed". Civil Service World. 14 September 2016. Retrieved 30 September 2016.
  11. "'Reign of terror' tax credit company loses HMRC". The Guardian. 13 September 2016. Retrieved 27 September 2016.
  12. "Concentrix tax credit cases to be reviewed, government says". BBC News. 6 February 2017. Retrieved 6 February 2017.
  13. "Treasury refuses to hold inquiry into Concentrix tax credits contract". The Guardian. 14 September 2016. Retrieved 27 September 2016.
  14. "Thousands due back-dated tax credit payments after HMRC contractor blunders". The Independent. 15 September 2016. Retrieved 27 September 2016.
  15. Dunton, Jim (12 November 2017). "Calamitous Concentrix cost HMRC £38m, Treasury documents reveal". Public Technology. Retrieved 9 April 2018.
  16. Centrelink contractor Concentrix wrongly cut thousands off welfare in the UK ABC News, 6 December 2018. Retrieved 6 December 2018.
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