Mill Point Capital Picks Up Controlling Stake in iQor

Private equity firm Mill Point Capital acquired a controlling stake in nearshore CX provider iQor.

Mill Point’s interest will grant iQor some much needed stability amidst a challenging landscape for the call center industry. The increasing implementation of AI in call centers is transforming the CX industry and hammering the prospects for many of its traditional players.

Major call center firms, like Teleperformance, have seen their share prices plummet in the early months of 2024. Investors fear that AI automation could render traditional call center services obsolete.

Financial details of the deal remain undisclosed, but analysts anticipate that the partnership will inject fresh capital into iQor.

Chris Crowley, President and CEO of iQor, expressed confidence in the acquisition, statin that “this investment will bolster our customer-centric AI capabilities,” and outlining the company’s strategic intent to expand into new industries.

iQor emerged from bankruptcy in 2021, burdened by over US$850 million in long-term debt. The liquidity crisis forced the company to cut its overall headcount from 45,000 to 35,000 employees.

Since its successful restructuring, iQor has expanded operations in the US, Colombia and Trinidad & Tobago, increasing its headcount back to 40,000.

Additionally, iQor maintains delivery centers in Mexico, Panama, India and the Philippines.