Stream Global Services

Stream Global Services, Inc.
Public
Industry Business process outsourcing, offshoring
Headquarters Eagan, Minnesota, U.S.
Revenue IncreaseUS$800.173 million (2010)[1]
DecreaseUS-$14.762 million (2010)[1]
Number of employees
 37,000+ (2013)[2]
Website stream.com

Stream Global Services (formerly known as Global BPO Services Corp.),[3] was a BPO company acquired by Convergys through a definitive merger,[4] with more than 37,000 employees in 22 countries[5] in 50 contact centers; it managed more than 100 million voice, e-mail, and chat contacts a year.[6] The footprint of the company included countries across North America, Europe, Asia Pacific, Latin America, Middle East and Africa delivering service in over 35 languages[7]

History

Global BPO Services Corp. was founded by R. Scott Murray[8] in 2007. Global BPO Services raised $250 million in an IPO of a Special Purpose Acquisition Corp in October 2007. It closed the acquisition of Stream Holdings Corporation in July 2008 for $300 million in cash and assumption of debt. In connection with the acquisition of Stream, the company completed a private stock sale to Ares Management for $150 million and a tender offer for most of the publicly held shares of Stream, except those held by the founders of Global BPO Services.

On October 1, 2009, Stream Global Services, Inc. acquired e-Telecare in a stock for stock merger valued at approximately $225 million. e-Telecare brought over 10,000 employees and substantial operations in the Philippines. In connection with the merger, the company raised $200 million in a public debt offering led by Goldman Sachs.

The combined company provided a variety of BPO Services including customer care, technical support, marketing services, customer acquisition and retention to some of the world's largest technology, telecommunication and software companies that included Hewlett Packard, Dell, Apple, Microsoft, Intuit, AT&T, Sprint, RedBox, DishNetwork, Rogers, and Bell Canada.

In 2010 Chairman and CEO R. Scott Murray resigned to return to the investment industry. On June 1, 2011, Trillium Capital LLC, owned by R. Scott Murray, the founder and former CEO of Stream, made an offer to acquire 100% of Stream for $4.65 per share plus assumption of debt. The non-binding proposal also included a provision to extend the exercisability of the public warrants by two years that would otherwise expire in October 2011. The transaction had a total enterprise value of approximately $575 million. The offer was subsequently turned down by the private equity shareholders, who were represented by Ares Capital, Providence Equity Partners and Ayala Corp. Trillium Capital LLC and R Scott Murray agreed to sell its ownership back to the company. Stream was subsequently taken private in 2012 by the three private equity owners at the same price that Trillium Capital sold its shares to the company.

Corporate overview

Stream logo from 2008-2011

Stream Global Services is a business process outsource (BPO) service provider specializing in customer relationship management including inbound & outbound sales, customer care, customer retention, back office and technical support & warranty.

By October 2009, Stream Global Services has acquired EGS Corp., the indirect parent company of eTelecare Global Solutions in a stock-for-stock exchange.

Convergys acquisition

On January 6, 2014, Convergys and Stream announced entry into a definitive merger. Under the agreement, Convergys will acquire Stream for a total enterprise value of $820 Million in cash.[9]

Clients

Some of Stream Global Services notable clients include Dell, Salesforce.com, Western Digital, Dish Network, Rogers Wireless, HP, Intuit, Nike and Microsoft.

Locations

North America (NA)

Europe, Middle East and Africa (EMEA)

Latin America (LATAM)

Asia Pacific (APAC)

References

  1. 1 2 "2010 Annual Report". 2010-12-31. Retrieved 2015-05-15.
  2. ↑ "LBM Holdings sold to Stream Global Services". Retrieved 2013-02-27.
  3. ↑ "operates as a global business process outsourcing service provider". Retrieved 2011-04-24.
  4. ↑ "service provider specializing in customer relationship management for Fortune 1000 companies". Retrieved 2011-04-24.
  5. ↑ "Stream Global Services Reviews". Retrieved 2011-04-24.
  6. ↑ "Precisely speaking the company handles over 100 million emails, voice and chat contacts from clients across the globe annually". Retrieved 2011-04-24.
  7. ↑ "Stream Global Services".
  8. ↑ "Stream Global Services: Straight Talk from CEO Scott Murray". Retrieved 2011-04-24.
  9. ↑ http://www.businesswire.com/news/home/20140106006784/en/Convergys-Acquire-Stream-820-Million#.Usw5Mjs_vSk
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