Convergys to Acquire Finance & Accounting Outsourcing Business of Deloitte Consulting Outsourcing.CINCINNATI & NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- 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, and Deloitte Consulting Outsourcing LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control today announced a definitive agreement under which Convergys will acquire 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, a subsidiary of Deloitte Consulting LLP LLP - Lower Layer Protocol . Deloitte Consulting Outsourcing and Convergys expect to close on the transaction as soon as practicable. Financial terms are not being disclosed. The acquisition will be neutral to Convergys' 2005 earnings per share. Based in Tulsa, Oklahoma Tulsa is the second-largest city in the state of Oklahoma and 45th-largest in the United States. With an estimated population of 382,872 in 2006,[1] it is the principal municipality of the Tulsa Metropolitan Statistical Area, a region of 897,752 residents projected to , Deloitte Consulting Outsourcing's F&A BPO business was founded more than 10 years ago and 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' "order to cash," "procure to payment," financial reporting, reconciliations, budgeting, and treasury management functions. Deloitte Consulting Outsourcing provides these services from a shared service center in Tulsa and at client locations. "This is a strong fit for Convergys, which continues to address the full service outsourcing needs of its clients by continually expanding its capabilities portfolio," said Katrina Menzigian, Vice President of Business Solutions and BPO services, IDC. "In today's highly competitive market, companies are finding outsourcing to be a strategically attractive alternative to internally operating certain business functions like human resource management, customer care, and finance and accounting. As a global outsource service provider, Convergys is addressing a growing trend to outsource finance and accounting functions so that companies can focus on their product or service delivery instead of this internal administrative operation." "Given our strong, continuing outsourcing businesses, it was a difficult strategic decision to exit the F&A BPO market," said Robert C. Frazzini, Managing Director of Deloitte Consulting Outsourcing. "We believe, however, that the decision is in the best interests of our clients and our people, given Convergys' scale, world-class platform, and leadership in outsourcing." "Like the HR BPO market where Convergys is already an established global leader, the finance and accounting BPO market is a fast-growing area of business process outsourcing. This acquisition is a strategic extension of Convergys' service offerings and will leverage Convergys' existing HR and customer care business processing 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. "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." 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 66,000 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 About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Deloitte & Touche (also referred to as Deloitte Touche Tohmatsu, and branded as Deloitte.) is the second largest professional services firm in the world, and one of the Big Four auditors, along with PricewaterhouseCoopers, Ernst & Young and KPMG. , a Swiss Verein, its member firms and their respective subsidiaries and affiliates. As a Swiss Verein (association), neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other's acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names "Deloitte", "Deloitte & Touche", "Deloitte Touche Tohmatsu" or other related names. Services are provided by the member firms or their subsidiaries or affiliates and not by the Deloitte Touche Tohmatsu Verein. Deloitte & Touche USA LLP is the US member firm of Deloitte Touche Tohmatsu. In the U.S., services are provided by the subsidiaries of Deloitte & Touche USA LLP (Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Financial Advisory Services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal LLP, Deloitte Tax LLP and their subsidiaries), and not by Deloitte & Touche USA LLP. Convergys and the Convergys logo are registered trademarks of Convergys Corporation. |
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