Concentrix

{{short description|Business services company headquartered in Newark, California, US}}{{Use American English|date=February 2020}}

{{Infobox company

| name = Concentrix Corporation

| logo = Concentrix logo.svg

| type = Public

| traded_as = {{ubl|{{NASDAQ|CNXC}}|S&P 400 component}}

| ISIN = US20602D1019

| predecessor =

| successor =

| founder =

| defunct =

| fate =

| area_served = Worldwide

| key_people = Christopher Caldwell{{cite web|title=Corporate Leadership Team|url=https://ir.concentrix.com/governance/corporate-leadership-team|publisher=CNXC}} (CEO)

| industry = {{Unbulleted list|Business Transformation Services}}

| genre =

| products =

| services = {{plainlist|

}}

| revenue = {{increase}} {{US$|7.114 billion|link=yes}} (2023){{Cite web|url=https://ir.concentrix.com/static-files/c92e9a4a-f24f-4588-9210-b5a9cfa9d261|title=Concentrix Reports First Quarter 2024 Results}}

| operating_income = {{increase}} US$661.3 million (2023)

| net_income = {{increase}} US$437.9 million (2023)

| assets = {{nowrap|{{increase}} US$12.491 billion (2023)}}

| equity = {{increase}} US$4.413 billion (2023)

| num_employees = 440,000 (2023){{cite web |url=https://ir.concentrix.com/ |title=Home |website=ir.concentrix.com}}

| parent =

| divisions =

| subsid =

| founded = {{Start date and age|2004}}

| location_city = Newark, California

| location_country = U.S.

| locations =

| website = {{URL|www.concentrix.com}}

| footnotes =

}}

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.{{Cite web |url=http://ir.synnex.com/annuals-proxies.cfm |title=Annual Reports & Proxies - SYNNEX Corporation |access-date=11 October 2016 |archive-url=https://web.archive.org/web/20161012080059/http://ir.synnex.com/annuals-proxies.cfm |archive-date=12 October 2016 |url-status=dead }}{{Cite web |date=1 December 2020 |title=SYNNEX Corporation Completes Spin-off of Concentrix Corporation |url=https://www.nasdaq.com/press-release/synnex-corporation-completes-spin-off-of-concentrix-corporation-2020-12-01 |access-date=31 January 2025 |website=Nasdaq}} Concentrix made its debut on the Fortune 500 list in 2024, ranking #499.{{Cite web |title=Concentrix |url=https://fortune.com/company/concentrix/ |access-date=2024-06-09 |website=Fortune |language=en}}

History and acquisitions

Concentrix was founded in 1983, and it acquired its insurance administration business solutions and services in 2013 from IBM.{{cite web |url=https://www.bloomberg.com/Research/stocks/private/snapshot.asp?privcapId=1051101 |title=Genelco Software Solutions: Private Company Information - Businessweek |website=www.bloomberg.com |url-status=dead |archive-url=https://web.archive.org/web/20161026075524/http://www.bloomberg.com/Research/stocks/private/snapshot.asp?privcapId=1051101 |archive-date=2016-10-26}} 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.{{Cite web |title=SYNNEX and Convergys combine in $2.8bn deal |url=https://www.financierworldwide.com/fw-news/2018/7/5/synnex-and-convergys-combine-in-28bn-deal |access-date=2023-05-11 |website=Financier Worldwide |date=5 July 2018 |language=en-US}}

On October 5, 2018, Convergys Corporation and Synnex announced that they had completed the merger.{{cite web |title=SYNNEX Corporation Completes Transaction with Convergys Corporation |url=https://newsroom.convergys.com/press-release/synnex-corporation-completes-transaction-convergys-corporation |website=convergys.com |access-date=October 5, 2018 |language=en }}{{Dead link|date=December 2023 |bot=InternetArchiveBot |fix-attempted=yes }}

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.{{cite news |title=Concentrix looks beyond North America with $4.8 bln deal for Webhelp |url=https://www.reuters.com/markets/deals/concentrix-acquire-webhelp-48-bln-deal-2023-03-29/ |access-date=1 June 2023 |work=Reuters |agency=Retuers |date=29 March 2023 |language=en}} In September 2023, the European Commission had approved the acquisition, under EU Merger Regulations.{{Cite news |date=September 15, 2023 |title=Mergers: Commission authorizes acquisition of Webhelp by Concentrix |work=EU Reporter |url=https://www.eureporter.co/politics/european-commission/2023/09/15/mergers-commission-authorizes-acquisition-of-webhelp-by-concentrix/}}

On January 15, 2025, Concentrix announced its acquisition and incorporation of Philippines' CX-SP BlinkCX, a consulting firm.{{cite news |last1= |first1= |title=Concentrix acquires BlinkCX in the Philippines|url=https://business.inquirer.net/501419/concentrix-acquires-blinkcx-in-the-philippines |accessdate=January 17, 2025 |newspaper=Philippine Daily Inquirer |date=January 15, 2025}}

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.{{cite news|title=HMRC chief Jon Thompson confirms US firm Concentrix won't have tax credits contract renewed |url= http://www.civilserviceworld.com/articles/news/hmrc-chief-jon-thompson-confirms-us-firm-concentrix-wont-have-tax-credits-contract|access-date=30 September 2016|date=14 September 2016|publisher=Civil Service World}} 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.{{cite news|title='Reign of terror' tax credit company loses HMRC|url= https://www.theguardian.com/money/2016/sep/13/reign-of-terror-tax-credit-company-loses-hmrc-contract|access-date=27 September 2016|date=13 September 2016|work=The Guardian}} A government report disclosed that of 36,000 appeals against Concentrix, 87% were upheld.{{Cite news|url=https://www.bbc.co.uk/news/business-38873311|title=Concentrix tax credit cases to be reviewed, government says|date=2017-02-06|newspaper=BBC News|access-date=2017-02-06|language=en-GB}} 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.{{cite news|title=Treasury refuses to hold inquiry into Concentrix tax credits contract |url= https://www.theguardian.com/politics/2016/sep/14/treasury-refuses-to-hold-inquiry-into-concentrix-tax-credits-contract|access-date=27 September 2016|date=14 September 2016|work=The Guardian}} As a result of Concentrix's failings, thousands of claimants were also due to receive back-payments for incorrectly stopped claims.{{cite news|title=Thousands due back-dated tax credit payments after HMRC contractor blunders|url= https://www.independent.co.uk/news/business/news/tax-credit-back-payments-hmrc-concentrix-mistakes-a7309746.html|access-date=27 September 2016|date=15 September 2016|work=The Independent}} Processing the resultant case reviews cost HMRC £43 million.{{cite news |url=http://www.publictechnology.net/articles/news/calamitous-concentrix-cost-hmrc-%C2%A338m-treasury-documents-reveal |title=Calamitous Concentrix cost HMRC £38m, Treasury documents reveal |last=Dunton |first=Jim |newspaper=Public Technology |date=12 November 2017 |access-date=9 April 2018 |archive-date=1 June 2023 |archive-url=https://web.archive.org/web/20230601015353/https://publictechnology.net/articles/news/calamitous-concentrix-cost-hmrc-%C2%A338m-treasury-documents-reveal |url-status=dead }}[https://www.abc.net.au/news/2018-12-06/centrelink-contractor-concentrix-cut-thousands-off-welfare-in-uk/10586274 Centrelink contractor Concentrix wrongly cut thousands off welfare in the UK] ABC News, 6 December 2018. Retrieved 6 December 2018.