Sale to Convergys Corporation
Baird served as sole financial advisor to Stream Global Services
AboutStream Global Services (“Stream” or the “Company”) recently completed its sale to Convergys Corporation (“Convergys”) (NYSE: CVG) for $820 million. Stream was sold from funds managed by Ares Management (“Ares”) and Providence Equity Partners (“Providence”), and from LiveIt Solutions, Inc., the BPO investment arm of Ayala Corporation.
Stream is a leading global business process outsourcing (BPO) provider specializing in customer relationship management, including technical support, customer care and sales, for Fortune 1000 companies. Stream is a trusted partner to some of the world’s leading technology, computing, telecommunications, retail, entertainment/media and financial services companies. Stream’s service programs are delivered through a set of standardized best practices and sophisticated technologies by a highly skilled multilingual workforce of over 40,000 employees capable of supporting over 35 languages across approximately 56 service centers in 22 countries. Stream strives to expand its global presence and service offerings to increase revenue, improve operational efficiencies and drive brand loyalty for its clients. The Company is headquartered in Eagan, Minnesota.
Founded in 1997, Ares is a global alternative asset manager and SEC registered investment adviser. The firm has the ability to invest in all levels of a company's capital structure - from senior debt to common equity. The firm's investment activities are managed by dedicated teams in its Private Equity, Private Debt, Capital Markets and Commercial Real Estate investment platforms. Ares Management’s Private Equity Group pursues majority or shared control investments, principally in middle market companies with strong business franchises and world-class management teams. Ares is headquartered in Los Angeles, California with professionals also located across the United States, Europe and Asia.
Providence Equity Partners is a leading global private equity firm specializing in equity investments in media, communications, education and information companies around the world. In total, the firm’s principals manage funds with $37 billion in commitments and have invested in more than 130 companies globally since the firm’s inception in 1989. Providence is headquartered in Providence, Rhode Island and also has offices in New York, London, Hong Kong, Beijing and New Delhi.
Founded in 2007, LiveIt Solutions, Inc. operates as a holding company which offers business process outsourcing services through its subsidiaries. The company is based in Makati City, the Philippines. LiveIt Solutions, Inc. operates as a subsidiary of Ayala Corporation.
Convergys is focused on helping companies find new ways to enhance the value of their customer relationships and deliver consistent customer experiences across all channels and geographies. Convergys helps their clients balance the demands of increasing revenue, improving customer satisfaction and reducing overall cost using an optimal mix of agent, technology and analytics solutions. Convergys handles billions of customer interactions annually for its clients. Convergys is headquartered in Cincinnati, Ohio.
For additional information about this transaction, please contact:
- March 2014
- Stream Global Services
- Technology & Services
- Target Location
- North America
- Acquiror Location
- North America
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