Concentrix Announces Acquisition of ServiceSource

Concentrix Corporation, a leading global provider of CX solutions and technologies, announced that it has reached a definitive agreement to acquire ServiceSource International, Inc., a global market leader in B2B digital sales, for $1.50 per share in an all-cash transaction valued at approximately $131 million, inclusive of ServiceSource’s net cash.

ServiceSource is a global outsourced go-to-market services provider, delivering B2B digital sales and customer success solutions for many of the most innovative technology and new economy brands in the world. The acquisition of ServiceSource will complement Concentrix’ offerings in a high-value, growing sector of the business, servicing strong pent-up client demand. The transaction is expected to be accretive to growth and profitability after synergies.

This acquisition marks another milestone for Concentrix, supporting its growth strategy of investing in capabilities that transform and deliver epic customer experiences for the world’s best brands.

Following the closing of the transaction, Concentrix will welcome ServiceSource’s expert team who will continue to deliver revenue generation services powered by data insights and methodologies with the benefit of the much larger Concentrix footprint and the opportunity to deliver to Concentrix clients.

“We continue to be committed to Reimagining Everything CX for our clients and delivering strong returns to our shareholders through our investments,” said Chris Caldwell, President and CEO of Concentrix. “We’re seeing significant opportunities for growth in our B2B sales business today and ServiceSource’s complementary capabilities and footprint in this space, combined with our leading portfolio of CX offerings, will enable us to quickly and successfully scale to meet demand with existing and new clients.”

Transaction Details:

  • Expected contribution with synergies of approximately $230 million of revenue and $38 million of adjusted EBITDA in year one, the first twelve months following the acquisition
  • Transaction value of approximately $131 million, inclusive of approximately $20 million of ServiceSource’s net cash as of March 31, 2022, which implies an EV/EBITDA multiple of approximately 3.5x based on expected adjusted EBITDA in year one
  • Expected accretion to Concentrix’ revenue growth rate, EBITDA margin and non-GAAP diluted earnings per common share in year one
  • Expected one-time costs related to the transaction of approximately $44 million, which includes approximately $14 million related to ServiceSource’s unvested equity awards that will be assumed by Concentrix
  • Financed primarily through cash on the Concentrix balance sheet, as well as capacity under Concentrix’ existing revolving credit facility

“We are incredibly excited to have ServiceSource join the Concentrix team. This transaction will enable us to scale faster and for our clients to grow further with Concentrix’ global footprint while offering them more services. Through the process we saw clear opportunities for growth as both companies place a similar focus on long-term client relationships,” said Gary Moore, Chairman and CEO of ServiceSource.

The transaction is expected to close in the second half of fiscal year 2022, subject to customary closing conditions, including approval by ServiceSource’s shareholders and regulatory requirements. Edenbrook Capital, LLC and Archon Capital Management LLC, which collectively owned approximately 31% of ServiceSource’s shares as of May 6, 2022, have agreed to vote their shares in favor of the transaction.

About Concentrix

Concentrix Corporation (Nasdaq: CNXC), is a leading global provider of customer experience (CX) solutions and technology, improving business performance for some of the world’s best brands including over 100 Fortune Global 500 clients and over 125 new economy clients. Every day, from more than 40 countries and across 6 continents, our staff delivers next generation customer experience and helps companies better connect with their customers. We create better business outcomes and help differentiate our clients by reimagining everything CX through Strategy + Talent + Technology. Concentrix provides services to clients in our key industry verticals: technology & consumer electronics; retail, travel & ecommerce; banking, financial services & insurance; healthcare; communications & media; automotive; and energy & public sector.

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About ServiceSource

ServiceSource International, Inc. is a global outsourced go-to-market services provider that accelerates B2B digital sales and customer success transformation. ServiceSource’s expert sales professionals, data-powered insights and proven methodologies scale and reimagine customer journey experiences (CJX®) into profitable business outcomes. Backed by more than 20 years of experience, ServiceSource drives billions of dollars in client value annually, conducting commerce in 45 languages and 175 countries.

To learn more about how ServiceSource designs, develops and manages CJX® solutions that transform the agility, speed, efficiency and value of its clients’ growth initiatives, visit