Concentrix Corporation (NASDAQ:CNXC), a customer experience (CX) technology company, has agreed to acquire French peer Webhelp in a deal worth US$4.8 billion.
The deal aims to create a diversified global CX leader well-positioned for growth, according to Concentrix, and it is forecast to generate US$9.8 billion in annual revenue for 2023.
Concentrix President and CEO, Chris Caldwell, will lead the merged organization.
The merger is described in a statement as enhancing Concentrix's position as a leader in the CX market, which is estimated to be worth more than US$550 billion.
Its expected to increase market share, diversify the client list, and significantly expand the group’s geographic footprint – adding presence in Europe, Latin America, and Africa.
Webhelp is forecast around US$3 billion in revenue and US$500 million of earnings (adjusted EBITDA) in 2023, and, the deal is expected to be accretive in its first full year.
The deal is slated to close by the end of the year, subject to customary closing conditions, including approval by Concentrix shareholders and regulatory approvals.