What We've Been Reading

Synnex To Buy Convergys

Convergys  Corporation, the large call-center operator, agreed to be acquired by Synnex for about $2.8B. Convergys operates over 100 customer call centers and employees 110,000 people across 33 countries. Synnex is a call-center operator that also distributes technology products. Convergys and Synnex cater largely to call-center customers in different industries, contributing to the logic of putting them together.

Read more about it here.

Epiq Acquires Garden City Group

Epiq, a global leader in the legal services industry, announced its acquisition of Garden City Group from Crawford & Company. Garden City Group provides legal administration services for class action, bankruptcy, mass tort, regulatory matters, and legal notice programs.

Read more about it here.

TrueBlue Acquires TMP Holdings

TrueBlue, a global provider of specialized workforce solutions, has, through its PeopleScout business, acquired TMP Holdings LTD. TMP is a leading provider of Recruitment Process Outsourcing (RPO), resourcing, and recruitment marketing services in the United Kingdom. The acquisition expands PeopleScout’s global RPO capabilities and EMEA client base, team, and operations and creates a powerful talent advisory offering for PeopleScout’s client base.

Read more about it here.

What We’ve Been Hearing

Excerpts From Recent Earnings Calls

untitled_183.png“I think the market is very strong…Acquisition-wise, we're constantly looking at [the PEO] space. I think we know it very well. And we’re always looking and ready to buy if the time is right and the value is right” – Efrain Rivera, CFO

untitled_184.png“We're very clear that we're not a technology company and for us to be able to fund the R&D and the continuous investment to keep pace with the rapidly evolving market is difficult. And therefore, working with partners, leveraging cloud, leveraging mobile is – and then creating value at a higher speed is really what's going to make a difference. So, that would be our principled approach on technology.” – Jonas Prising, Chairman and Chief Executive Officer

untitled_185.png“Yes, there is competition in the merger and acquisition world. Private equity is very, very active in our market. There's a lot of competition. I call every one of our merger partners after we close the deal. I don't care if they're $2 million, and thank them for going through the process with us. We're buying these things at what we think is a very fair price, close to 7.5 times to 8.5 times EBITDA.” – J. Patrick Gallagher, Chairman, President & CEO

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(1) Factset

(2) Thompson Reuters

(3) U.S. Bureau of Economic Analysis

(4) The Conference Board

(5) U.S. Bureau of Labor Statistics

(6) U.S. Department of Labor

(7) PR Web

(8) PR Newswire