$820 million deal creates one of the worlds largest service providers; little to change in Wilsonville

by: SPOKESMAN FILE PHOTO: JOSH KULLA - Stream Global's Wilsonville facility, which includes expansive employee amenities, shown here, opened less than a year ago. Now, the name on the front of the building will be switched to Convergys, but little else should change, according to the latter, which purchased Stream in an $820 million deal announced late Monday.Mere months after arriving in Wilsonville with a splash, Stream Global Services and its more than 1,200 employees were acquired by client-services giant Convergys in a move announced late Monday.

According to Joseph Thornton of the Convergys corporate communications division, the move will make Convergys one of the largest customer management providers in the world today. A number of sources put the price of the acquisition at around $820 million in cash assets.

In Wilsonville, the deal affects the new Stream Global facility on Southwest Peyton Lane that once housed Hollywood Video. But only as far as the signs on the front of the building, said Thornton. The move, he added, should be good for the Wilsonville site in the longer term, which currently serves a number of high profile corporate clients.

“Here’s what’s important locally,” Thornton said by email. “This is good news in Wilsonville. The combination of Stream and Convergys is about growth. The two companies complement one another in terms of geographic presence, services offered, and the clients we serve.”

"Very little," he added, will change locally in the near term.

“We will migrate from the Stream brand to the Convergys brand,” Thornton told the Spokesman. “Longer term, this is an opportunity for growth. Our people will continue serving the same great clients and we will continue to create career opportunities for hundreds of people here – and our Wilsonville leadership remains stable.”

The move also provides financial strength and new growth opportunities for the combined companies.

“We anticipate good things moving forward in the communities where we operate,” he said.

Convergys is headquartered in Cincinnati and has Florida locations in Tamarac, Lake Mary, Jacksonville and Tampa. With the acquisition of Stream, Convergys now has more than 125,000 employees working in more than 150 centers in 31 countries.

By comparison, at the time Stream opened its Wilsonville center last summer it had a workforce of more than 39,000 employees at 56 service centers in 22 countries.

According to international media sources, Convergys has a significant presence in India, with offices in New Delhi, Bangalore, Gurgaon, Hyderabad, Mumbai, Pune and Thane in that country alone.

When combined, total revenue of the now combined companies is expected to exceed $3 billion.

“We believe our shared focus on exceptional client service, operational expertise and world-class talent will enable us to quickly integrate and leverage our expanded reach for the benefit of clients, employees, and shareholders,” Convergys President and CEO Andrea Ayers said in a company statement.

By Josh Kulla
Assistant Editor / Photographer
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