ConcentrixIBM and Synnex have signed a definitive agreement in which Synnex will acquire IBM’s worldwide customer care business process outsourcing services business for $505 million.

The acquisition will be branded and fully integrated with Concentrix, a wholly owned subsidiary of Synnex. IBM will have a equity investment in Synnex after the close of the transaction as well.

As part of the transaction, Synnex is also entering into a multi-year agreement with IBM, and Concentrix will become an IBM strategic business partner for global customer care business process outsourcing services.

The transaction is expected to close in the coming months, subject to regulatory requirements and customary closing conditions. While the transaction is being completed, the companies will continue to operate independently and IBM customer care business process outsourcing services will continue to be sold and delivered as usual, says IBM.

Synnex, a Fortune 500 corporation, is a business process services company, servicing resellers and original equipment manufacturers in multiple regions around the world. The company’s primary business process services are wholesale distribution, contract assembly, and business process outsourcing.

[Image courtesy: Concentrix]