Loading ...By Computerworld Philippines Staff
March 5, 2010
Convergys has signed a definitive agreement to sell its Human Resources Management (HRM) line of business to NorthgateArinso, a global human resources software and services provider, for about US$85 million in cash at closing and US$15 million in cash over three years.
Based in the United Kingdom , NorthgateArinso has offices in 31 countries on five continents delivering services in over 70 countries through a network of eight Service Delivery Centers. The firm, which has about 5,000 staff members serve more than 20% of the Fortune Global 500 companies, and is pegged as one of the five largest HR service providers in the world.
The Jefferies & Company, Inc. acted as exclusive financial advisor to Convergys.
Convergys and NorthgateArinso both described the transaction as a “unique opportunity for Convergys’ HRM clients and employees to become part of a larger, dynamically focused entity with a strong record of accomplishment in the HR services business.” NorthgateArinso will offer employment to the approximately 2,300 employees of Convergys’ HRM line of business.
Jeff Fox, president and CEO of Convergys, said the sale is a major step forward for Convergys’ HRM clients.
“NorthgateArinso is a global leader committed to investing in the HRM business. Combining the assets of both companies is transformational and will create one of the top HR specialist companies in the world,” he said. “This transaction with NorthgateArinso provides an opportunity for Convergys to focus our investments and efforts on growing our Customer Management and Information Management businesses.”
The transaction is expected to close in the second quarter once all customary consents and regulatory approvals are received, Convergys said. – Tom S. Noda
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