Convergys Completes Acquisition of Finance & Accounting Outsourcing Business of Deloitte Consulting Outsourcing.CINCINNATI -- Convergys Corporation (NYSE NYSE See: New York Stock Exchange :CVG CVG Convergys Corp CVG Corporación Venezolana de Guayana CVG Clear Vertical Grain (woodworking) CVG Carrier Group CVG Corporacion Venezolana de Guyana CVG Comprehensive Video Group (South Hackensack, NJ, USA) ), a global leader in providing customer care, human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. , and billing services, announced today it has completed the acquisition of the Finance and Accounting (F&A) Business Process Outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in (BPO BPO Business Process Outsourcing BPO Benevolent & Protective Order (of Elks of the USA) BPO Benzoyl Peroxide BPO Business Process Optimization BPO Broker Price Opinions BPO Buffalo Philharmonic Orchestra ) business of Deloitte Consulting Outsourcing LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a subsidiary of Deloitte Consulting LLP LLP - Lower Layer Protocol . Today's closing finalizes a definitive agreement between Deloitte Consulting Outsourcing and Convergys first announced on June 16, 2005. At that time, Convergys stated the acquisition would be neutral to its 2005 earnings per share. Deloitte Consulting Outsourcing's F&A BPO business provides finance and accounting outsourcing services to clients in multiple industries ranging from communications to retail to professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. . It provides business processing and technology services supporting clients' from "procurement to payment," financial reporting, reconciliations, budgeting, and treasury management functions. "Convergys is already an established leader in the HR BPO market, so this acquisition is a strategic extension of Convergys' service offerings that will leverage our existing HR and customer care expertise and experience, advanced technologies, global reach, and strong client relationships," said Steve Rolls, Executive Vice President, Global Customer Management and Employee Care for Convergys. "Finance and accounting BPO is a fast-growing market and this acquisition provides proven F&A BPO expertise developed over the last 10 years by one of the leading financial services organizations. At the same time, it positions Convergys to expand our footprint to a whole new horizontal market Refers to the entire marketplace that crosses all industry boundaries. See horizontal market software. Contrast with vertical market. and accelerate revenue growth in our customer management business." "This move is highly beneficial for Convergys," said Industry Analyst Anna Danilenko, Program Manager of F&A BPO and Consulting services, IDC. "The acquisition is expected to benefit Convergys' core business and well position it to capitalize on a rapidly growing F&A BPO market." (Contact: +1 508 988-6853) About Convergys Convergys Corporation (NYSE: CVG) is a global leader in providing customer care, human resources, and billing services. Convergys combines specialized knowledge and expertise with solid execution to deliver outsourced solutions, consulting services, and software support. Clients in more than 60 countries speaking nearly 30 languages depend on Convergys to manage the increasing complexity and cost of caring for customers and employees. Convergys serves the world's leading companies in many industries including communications, financial services, technology, and consumer products. Convergys is a member of the S&P 500 and a Fortune Most Admired Company. Headquartered in Cincinnati, Ohio, Convergys has more than 62,000 employees in 67 customer contact centers, three data centers, and other facilities in the United States, Canada, Latin America, Europe, the Middle East, and Asia. For more information visit www.convergys.com (Convergys and the Convergys logo are registered trademarks of Convergys Corporation.) |
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