ServiceSource International Announces Acquisition by Concentrix Corporation in an All Cash Transaction
May 9, 2022 By MarketDepth
ServiceSource International, Inc. (NASDAQ: SREV) announced entry into a definitive merger agreement where Concentrix Corporation (NASDAQ: CNXC) will acquire ServiceSource in an all Cash Transaction. ServiceSource stockholders will receive USD 1.50 per share in cash for each issued and outstanding share of common stock they own. This purchase price represents a 47% premium to ServiceSource’s closing stock price on May 6th, 2022.
“We are delighted to join forces with Concentrix and the opportunity it provides for us to execute on our strategy to drive client success by bringing the world’s greatest brands closer to their customers,” commented . “This transaction marks an important milestone in our 20-plus year history and is a testament to the dedication of our employees, the value of our differentiated solutions in the marketplace, and the opportunity to take the business to new heights with a partner that has shared values and culture. I am confident that our world-class employees will gain expanded career and professional growth opportunities as part of a much larger, industry-leading global organization, and I am equally confident that our clients will be even better served through the breadth, depth, and scope of our combined capabilities and scale. We look forward to a seamless transition and executing on a shared vision of the future of CX.”Gary B. Moore, ServiceSource’s chairman and chief executive officer
John Harris, ServiceSource’s Lead Independent Director, said, “The board of directors is pleased to have reached this agreement, which represents the culmination of a robust process and a comprehensive review of strategic alternatives with our outside legal and financial advisors. This transaction will provide certain and immediate value to our stockholders at a 47% premium.”