Concentrix Explained

Concentrix Corporation
Type:Public
Isin:US20602D1019
Area Served:Worldwide
Key People:Christopher Caldwell[1] (CEO)
Services:
Revenue: (2024)[2]
Operating Income: US$661.3 million (2023)[3]
Net Income: US$437.9 million (2023)
Equity: US$4.413 billion (2023)
Num Employees:(2023)[4]
Location City:Newark, California
Location Country:U.S.

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.[5] [6] In 2025, Concentrix made it to #426[7] on the Fortune 500 list.

History and acquisitions

Concentrix was founded in 1983, and it acquired its insurance administration business solutions and services in 2013 from IBM.[8] 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.[9]

On October 5, 2018, Convergys Corporation and Synnex announced that they had completed the merger.[10]

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.[11] In September 2023, the European Commission had approved the acquisition, under EU Merger Regulations.[12]

On January 15, 2025, Concentrix announced its acquisition and incorporation of Philippines' CX-SP BlinkCX, a consulting firm.[13]

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.[14] 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.[15] A government report disclosed that of 36,000 appeals against Concentrix, 87% were upheld.[16] 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.[17] As a result of Concentrix's failings, thousands of claimants were also due to receive back-payments for incorrectly stopped claims.[18] Processing the resultant case reviews cost HMRC £43 million.[19] [20]

Notes and References

  1. Web site: Corporate Leadership Team. CNXC. 28 September 2022. 7 June 2023. https://web.archive.org/web/20230607013845/https://ir.concentrix.com/governance/corporate-leadership-team. dead.
  2. Web site: Concentrix Reports Second Quarter 2025 Results. 1 July 2025. Concentrix Corporation.
  3. Web site: https://ir.concentrix.com/.
  4. Web site: Home . ir.concentrix.com.
  5. Web site: Annual Reports & Proxies - SYNNEX Corporation . 11 October 2016 . https://web.archive.org/web/20161012080059/http://ir.synnex.com/annuals-proxies.cfm . 12 October 2016 . dead .
  6. Web site: 1 December 2020 . SYNNEX Corporation Completes Spin-off of Concentrix Corporation . 31 January 2025 . Nasdaq.
  7. Web site: Concentrix . 2024-06-09 . Fortune . en.
  8. Web site: Genelco Software Solutions: Private Company Information - Businessweek . www.bloomberg.com . dead . https://web.archive.org/web/20161026075524/http://www.bloomberg.com/Research/stocks/private/snapshot.asp?privcapId=1051101 . 2016-10-26.
  9. Web site: SYNNEX and Convergys combine in $2.8bn deal . 2023-05-11 . Financier Worldwide . 5 July 2018 . en-US.
  10. Web site: SYNNEX Corporation Completes Transaction with Convergys Corporation . convergys.com . October 5, 2018 . en .
  11. News: Concentrix looks beyond North America with $4.8 bln deal for Webhelp . 1 June 2023 . Reuters . Retuers . 29 March 2023 . en.
  12. News: September 15, 2023 . Mergers: Commission authorizes acquisition of Webhelp by Concentrix . EU Reporter .
  13. News: Concentrix acquires BlinkCX in the Philippines. January 17, 2025 . . January 15, 2025.
  14. News: HMRC chief Jon Thompson confirms US firm Concentrix won't have tax credits contract renewed . 30 September 2016. 14 September 2016. Civil Service World.
  15. News: 'Reign of terror' tax credit company loses HMRC. 27 September 2016. 13 September 2016. The Guardian.
  16. News: Concentrix tax credit cases to be reviewed, government says. 2017-02-06. BBC News. 2017-02-06. en-GB.
  17. News: Treasury refuses to hold inquiry into Concentrix tax credits contract . 27 September 2016. 14 September 2016. The Guardian.
  18. News: Thousands due back-dated tax credit payments after HMRC contractor blunders. 27 September 2016. 15 September 2016. The Independent.
  19. News: Calamitous Concentrix cost HMRC £38m, Treasury documents reveal . Dunton . Jim . Public Technology . 12 November 2017 . 9 April 2018 . 1 June 2023 . https://web.archive.org/web/20230601015353/https://publictechnology.net/articles/news/calamitous-concentrix-cost-hmrc-%C2%A338m-treasury-documents-reveal . dead .
  20. 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

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Concentrix".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2026, A B Cryer, All Rights Reserved. Cookie policy.