Sitel has agreed to acquire European company Majorel in a deal that might turn the US firm into the world’s second largest provider of voice based customer services.
The combined company is estimated to make US$5.7 billion in annual revenue, serving more than 1,000 clients in 70 languages around the globe.
Majorel was created in 2018, following Arvato’s merger with a BPO provider owned by Moroccan realtor Saham. With more than 75,000 agents, Majorel makes around $1.9 billion in annual revenue.
Earlier this month, Majorel struck a deal to purchase Alembo, a Suriname-based BPO provider, saying it would like to tap into the advantages of nearshoring.
Newspapers in Germany, the country where Majorel’s majority share holder Bertelsmann is based, were surprised by the merger announcement. Majorel attempted to sell its CRM business, but put the entire unit up for sale after it found no buyers.
In 2021, Majorel went public, having listed its shares on the Amsterdam Stock exchange. It will not be delisted even after the deal is closed, Sitel confirmed in a press release.
Majorel CEO Thomas Mackenbrock will oversee the combined company in Europe and Asia. Laurent Uberti, Sitel’s CEO, will retain the top job in the organization.
The merger comes almost one year after Sitel purchased its American rival Sykes for $2.2 billion.
Teleperformance remains the largest provider in the voice-based BPO market, with an annual revenue of over $7 billion and more than 400,000 employees.