Consolidation in the Business Processing Outsourcing market continued this week with the merger of ClientLogic Corp. and Sitel in a roughly $450 million deal.
Under the agreement, a subsidiary of Nashville-based ClientLogic will merge with Sitel, based in Omaha, Neb., and pay $4.05 per share in cash for all remaining stock. The deal is expected to be completed in the first quarter of 2007, subject to the customary closing conditions.
That comes a week after Plano, Tex.-based Working Solutions Inc., a provider of remote agent call center services to Fortune 1000 companies acquired Advanced Data-Comm, a call center services company based in Dubuque, Iowa. Terms of that sale were not disclosed.
The combined ClientLogic Corp. will have about 65,000 employees across 28 countries. Dave Garner, CEO of ClientLogic will stay on as CEO.
"The beauty of this combination is we're very synergistic companies," said Amit Shankardass, senior vice president with ClientLogic.
ClientLogic's customers in the wireless, ISV, technology, retail consumer and travel industries complements Sitel's retail, financial services and media and entertainment. Sitel also brings expertise in customer acquisition, collections and outbound calling.