Concentrix
| Company type | Public |
|---|---|
| Industry | Business process outsourcing |
| Founded | 1983 |
| Headquarters | Newark, California , United States |
Area served | Global |
| Parent | None (publicly traded since 2020) |
Concentrix Corporation is a U.S.-based firm specializing in business process outsourcing, with its headquarters located in Newark, California. Initially operating as a division of SYNNEX Corporation (NYSE: SNX) from 2006, it transitioned to an independent publicly traded entity on December 1, 2020. By 2025, Concentrix achieved the position of #426 on the Fortune 500 ranking.
History and acquisitions
Established in 1983, Concentrix broadened its insurance administration portfolio by acquiring IBM's related operations in 2013. Since 2006, the company has completed eight acquisitions, including notable purchases such as IBM Daksh and the Minacs Group.
On June 28, 2018, Synnex and Convergys announced a $2.43 billion deal whereby Synnex would purchase Convergys and merge it into Concentrix. This integration was finalized on October 5, 2018.
Concentrix declared the acquisition and merger with Webhelp on March 29, 2023, in a transaction valued at $4.8 billion, positioning the combined entity at an estimated $9.8 billion valuation. The European Commission granted approval for this deal in September 2023.
On January 15, 2025, the company expanded its consulting expertise in the region by acquiring the Philippine-based customer experience firm BlinkCX and incorporating it into its operations.
HMRC contract
In 2014, Concentrix was awarded a £75 million contract by the UK's HM Revenue and Customs (HMRC) to audit two million tax credit claims for potential fraud and inaccuracies. However, by 2016, a parliamentary committee heavily criticized the company for erroneously closing tens of thousands of claims, which resulted in many individuals losing access to vital financial support. A government investigation found that 87% of the 36,000 appeals against decisions made by Concentrix were upheld.
Following the contract’s expiration in 2017, HMRC opted not to renew their agreement with Concentrix. The subsequent reviews of affected cases cost HMRC £43 million, leading to back-payments for thousands of claimants due to errors attributed to Concentrix. Despite demands for a comprehensive inquiry, the Treasury declined to pursue further investigation into the issue.