Concentrix Corporation is an American business process outsourcing company headquartered in Newark, California. It was a subsidiary of SYNNEX Corporation (NYSE: SNX) since 2006 and went public as an independent company on December 1, 2020. Concentrix made its debut on the Fortune 500 list in 2024, ranking #499.
Sep 16 2016
bbc.co.ukHistory and acquisitions
Concentrix was founded in 1983, and it acquired its insurance administration business solutions and services in 2013 from IBM.4 Concentrix has acquired eight companies since 2006, including IBM Daksh and the Minacs Group.
On June 28, 2018, Convergys and Synnex announced they had reached a definitive agreement in which Synnex would acquire Convergys for $2.43 billion in combined stock and cash, and integrate it with Concentrix.5
On October 5, 2018, Convergys Corporation and Synnex announced that they had completed the merger.6
On March 29, 2023, Concentrix announced the acquisition and merger of Concentrix and Webhelp in a transaction worth $4.8 billion. The overall combined company value was estimated to total around $9.8 billion.7 In September 2023, the European Commission had approved the acquisition, under EU Merger Regulations.8
On January 15, 2025, Concentrix announced its acquisition and incorporation of Philippines' CX-SP BlinkCX, a consulting firm.9
HMRC contract
In 2014, Concentrix won a £75 million contract from the UK's tax authority, HM Revenue and Customs, 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, 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 were also due to receive back-payments for incorrectly stopped claims.14 Processing the resultant case reviews cost HMRC £43 million.1516
External links
- Media related to Concentrix at Wikimedia Commons
- Official website
- Business data for Concentrix:
References
"Annual Reports & Proxies - SYNNEX Corporation". Archived from the original on 12 October 2016. Retrieved 11 October 2016. https://web.archive.org/web/20161012080059/http://ir.synnex.com/annuals-proxies.cfm ↩
"SYNNEX Corporation Completes Spin-off of Concentrix Corporation". Nasdaq. 1 December 2020. Retrieved 31 January 2025. https://www.nasdaq.com/press-release/synnex-corporation-completes-spin-off-of-concentrix-corporation-2020-12-01 ↩
"Concentrix". Fortune. Retrieved 9 June 2024. https://fortune.com/company/concentrix/ ↩
"Genelco Software Solutions: Private Company Information - Businessweek". www.bloomberg.com. Archived from the original on 26 October 2016. https://web.archive.org/web/20161026075524/http://www.bloomberg.com/Research/stocks/private/snapshot.asp?privcapId=1051101 ↩
"SYNNEX and Convergys combine in $2.8bn deal". Financier Worldwide. 5 July 2018. Retrieved 11 May 2023. https://www.financierworldwide.com/fw-news/2018/7/5/synnex-and-convergys-combine-in-28bn-deal ↩
"SYNNEX Corporation Completes Transaction with Convergys Corporation". convergys.com. Retrieved 5 October 2018.[permanent dead link] https://newsroom.convergys.com/press-release/synnex-corporation-completes-transaction-convergys-corporation ↩
"Concentrix looks beyond North America with $4.8 bln deal for Webhelp". Reuters. Retuers. 29 March 2023. Retrieved 1 June 2023. https://www.reuters.com/markets/deals/concentrix-acquire-webhelp-48-bln-deal-2023-03-29/ ↩
"Mergers: Commission authorizes acquisition of Webhelp by Concentrix". EU Reporter. 15 September 2023. https://www.eureporter.co/politics/european-commission/2023/09/15/mergers-commission-authorizes-acquisition-of-webhelp-by-concentrix/ ↩
"Concentrix acquires BlinkCX in the Philippines". Philippine Daily Inquirer. 15 January 2025. Retrieved 17 January 2025. https://business.inquirer.net/501419/concentrix-acquires-blinkcx-in-the-philippines ↩
"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. http://www.civilserviceworld.com/articles/news/hmrc-chief-jon-thompson-confirms-us-firm-concentrix-wont-have-tax-credits-contract ↩
"'Reign of terror' tax credit company loses HMRC". The Guardian. 13 September 2016. Retrieved 27 September 2016. https://www.theguardian.com/money/2016/sep/13/reign-of-terror-tax-credit-company-loses-hmrc-contract ↩
"Concentrix tax credit cases to be reviewed, government says". BBC News. 6 February 2017. Retrieved 6 February 2017. https://www.bbc.co.uk/news/business-38873311 ↩
"Treasury refuses to hold inquiry into Concentrix tax credits contract". The Guardian. 14 September 2016. Retrieved 27 September 2016. https://www.theguardian.com/politics/2016/sep/14/treasury-refuses-to-hold-inquiry-into-concentrix-tax-credits-contract ↩
"Thousands due back-dated tax credit payments after HMRC contractor blunders". The Independent. 15 September 2016. Retrieved 27 September 2016. https://www.independent.co.uk/news/business/news/tax-credit-back-payments-hmrc-concentrix-mistakes-a7309746.html ↩
Dunton, Jim (12 November 2017). "Calamitous Concentrix cost HMRC £38m, Treasury documents reveal". Public Technology. Archived from the original on 1 June 2023. Retrieved 9 April 2018. https://web.archive.org/web/20230601015353/https://publictechnology.net/articles/news/calamitous-concentrix-cost-hmrc-%C2%A338m-treasury-documents-reveal ↩
Centrelink contractor Concentrix wrongly cut thousands off welfare in the UK ABC News, 6 December 2018. Retrieved 6 December 2018. https://www.abc.net.au/news/2018-12-06/centrelink-contractor-concentrix-cut-thousands-off-welfare-in-uk/10586274 ↩