Concentrix Corp (CNXC)

Concentrix Corporation is a global provider of customer experience (CX) solutions and technology. It helps brands understand, engage and serve their end-customers across the full customer lifecycle. Its end-to-end capabilities include CX process optimization, technology innovation, front- and back-office automation, analytics and business transformation services. They support consistent brand experiences across voice, chat, email, social media, asynchronous messaging and custom applications. The company traces its roots to 2004, when TD SYNNEX acquired BSA Sales, and was incorporated in Delaware in 2009. It became an independent public company through a spin-off from TD SYNNEX on December 1, 2020, and trades on Nasdaq under the symbol CNXC.

The core offering is Customer Lifecycle Management, which makes up a significant majority of its services. It covers customer care, sales support, digital marketing, technical support, digital self-service, content moderation, creative design and content production, and back office services. Three complementary areas are sold as integrated solutions alongside it. CX/UX Strategy and Design covers CX strategy, data-driven user design, journey mapping and multi-platform engineering. Digital Transformation covers robotic process automation, cognitive automation, mobile app development, work-at-home and gig platforms, IVR and natural language understanding, messaging and social platforms, and system integration. Voice of the Customer and Analytics includes the ConcentrixCX platform, VOC Essentials (a SaaS platform), speech and text insights, sentiment analysis, advanced analytics and real-time reporting. The company also offers AI technology, vertical BPO and back office BPO services. In December 2021 it acquired PK, a CX design engineering company with more than 5,000 staff, and in July 2022 it acquired ServiceSource, a provider of B2B digital sales and customer success solutions.

Concentrix served more than 1,000 clients in fiscal 2022, including over 130 Fortune Global 500 companies and more than 125 new economy clients. The average tenure of its top 25 clients is about 17 years. It focuses on verticals with high growth, high transaction volume, strict compliance and security needs, and steep barriers to entry. These are technology and consumer electronics; retail, travel and ecommerce; communications and media; banking, financial services and insurance; healthcare; and other. Clients include 8 of the top 10 consumer electronics companies, 5 of the top 5 U.S. banks and 4 of the top 5 U.S. health insurance companies. The company describes the CX market as fragmented, with the top 10 players holding about 32% share. It cites trends such as vendor consolidation, AI and automation, and rising cybersecurity needs. Revenue grew from $1.1 billion in fiscal 2014 to $6.3 billion in fiscal 2022.

Concentrix sells through a sales force organized by industry vertical and geography. Strategic clients are assigned relationship managers and supported by cross-functional teams. As of November 30, 2022, about 315,000 staff worked from roughly 300 locations in more than 40 countries across the Americas, Asia-Pacific and EMEA, serving clients in over 70 languages. Its footprint includes emerging markets such as India, China, Brazil, Vietnam, Thailand and Indonesia. Services run on proprietary and third-party technologies. Delivery and data centers are subject to annual certifications including PCI DSS, ISO 27001 and SOC2 Type II. Twenty-eight centers are COPC certified, and the company holds HITRUST CSF certification for healthcare clients. It has completed more than 15 acquisitions, including IBM Customer Care and Convergys.