BPO giant Concentrix has sold off its insurance services arm to a Boston-based equity investor Abry Partners as part of raising cash and streamlining operations.
Neither firm has disclosed the financial details of the deal. The transaction is expected to close by the end of May this year.
Concentrix says the transaction will have no impact on its financial guidance for the fiscal year 2021.
Concentrix became the second-largest global provider of customer engagement services in 2018 when it was merged with Convergys.
Rochester, New York-based company offers call center, database analysis, and print-on-demand services, with reports suggesting that it has some of the world’s 125 largest companies among its clients.
Once the transaction is closed, the insurance unit will operate as a standalone, the BPO provider stated in a press release.
“This sale will allow us to invest further resources and energy in the growth of our core end-to-end CX capabilities,” said Chris Caldwell, President and CEO of Concentrix.
With US$4.7 billion in annual revenue, Concentrix runs more than 200 delivery centers in more than 40 countries around the world.