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Sykes Enterprises

Sykes Enterprises, Inc.
Industry
Founded1977
FounderJohn H. Sykes
Defunct2021
Headquarters
Tampa, Florida
,
United States
Number of locations
66
Key people
Charles E. Sykes (President & CEO)
Services
RevenueIncrease US$ 1,710 million[1] (2020)
Decrease US$ 81.78 million[1] (2020)
Decrease US$ 56 million[1] (2020)
Total assetsIncrease US$ 948 million[2][full citation needed] (2016)
Total equityIncrease US$ 893 million[1] (2020)
Number of employees
61,100[1] (2020)

Sykes Enterprises, Inc. (stylized as SYKES) was an American multinational business process outsourcing provider headquartered in Tampa, Florida. The company provided business process outsourcing (BPO) services, IT consulting, and IT-enabled services, such as technical support and customer service.

In 2021, Sitel Group acquired Sykes for $2.2 billion.[3] In March 2023, Sitel and Sykes fully merged to form Foundever.

History

Sykes was founded in 1977 by John H. Sykes in Charlotte, North Carolina to provide engineering and design services to large corporations.[4] Companies such as IBM, AT&T, and Texas Instruments were among Sykes' first clients. By 1990, the company had 1,000 employees, 20 offices, and $55 million in annual revenue.[citation needed]

In 1992, the company moved into the customer service business by purchasing Jones Technologies, a call center company based in Sterling, Colorado.[5]

In 1993, Sykes relocated its corporate headquarters from Charlotte to Tampa, Florida.[6]

Sykes became a publicly traded company in 1996.[7] The company was listed on NASDAQ under the stock symbol SYKE.

David Grimes, a former AT&T executive, was named president of Sykes in 1998.[8] John Sykes remained CEO and chairman. In 2000, Grimes became president and CEO. However, after 3 months, Grimes resigned and Sykes returned as president and CEO.[9]

Charles Sykes, John Sykes' son, became president and CEO of the company in 2004.[10] Charles had been with the company 17 years prior to assuming his father's position.

On June 18, 2021, a subsidiary of Sitel Group acquired all outstanding shares of Sykes shares in a cash transaction valued at approximately $2.2 billion, removing the company from Nasdaq's publicly traded company. The Sitel Group, in its new combination, brings together 160,000 employees in 40 countries, serving more than 700 customers and in more than 50 languages. This merger will enable the company to achieve revenue of approximately $4.3 billion in 2021.[11]

Acquisitions

In 1992, Sykes purchased Jones Technologies, Inc. in Sterling, Colorado and enters into customer support business.[12] Four years later, Sykes acquired Datasvar Support AB of Sweden and Diagsoft Inc. of Scotts Valley, California;[13] one year after this, they purchased bothMcQueen International Limited and the German company Telcare. In 2006, Sykes acquired Argentina-based Apex America; in 2010, they acquired ICT Group.[12] In 2012, Sykes purchased Alpine Access[14] and three years later a company called Qelp. In 2016, Sykes acquired Clearlink from Utah[15] and two years later the Robotic process automation service provider Symphony Ventures.[16] In 2020, Sykes carried out its last acquisition before being acquired by the Sitel Group in 2021. It purchased Taylor Media Corp. (TMC), a personal finance digital media company and owner of The Penny Hoarder.[17]

References

  1. ^ a b c d e "2020 Annual Report" (PDF). Sykes Enterprises.
  2. ^ 2015 Annual report
  3. ^ "Sykes goes private with Miami group's $2.2 billion all-cash deal". bizjournals.com. August 31, 2021. Retrieved March 7, 2023.
  4. ^ Cranford, Steve (November 19, 1990). "Volunteering Left and Right". The Business Journal Serving Charlotte and the Metropolitan Area. p. 14.
  5. ^ Martinez, David (April 6, 2013). "Call Center Operations Thriving After 2 Decades". Journal-Advocate. Sterling, Colorado. Retrieved June 12, 2016.
  6. ^ Goldstein, Alan (August 11, 1993). "Computer Company to Move to Tampa". St. Petersburg Times. p. 1E.
  7. ^ "Shares of Sykes Enterprises Nearly Double on Day One". The New York Times. Bloomberg Business News. May 1, 1996. Retrieved June 11, 2016.
  8. ^ Barancik, Scott (July 28, 2000). "Sykes hands chief executive post to protege". St. Petersburg Times. Retrieved June 18, 2016.
  9. ^ "John Sykes to head Sykes Enterprises, again". Tampa Bay Business Journal. November 13, 2000. Retrieved June 18, 2016.
  10. ^ Hundley, Kris (August 3, 2004). "Founder of Sykes Retires - Again". St. Petersburg Times. Retrieved June 17, 2016.
  11. ^ "Sitel Group® Completes Acquisition of Sykes Enterprises, Inc". PR Newswire (Press release). Retrieved 2021-12-11.
  12. ^ a b "CRM Review – Sykes Contact Center Services". SellMoreNow. 2013-06-08. Retrieved 2021-12-11.
  13. ^ "Short: Sykes bought Diagsoft". CNET. 1996-09-03. Retrieved 2021-12-07.
  14. ^ Stevenson, Chelsea. "Sykes Enterprises to buy Alpine Access for $150M". MarketWatch. Retrieved 30 July 2012.
  15. ^ "Sykes buys fast growing Utah firm". Tampa Bay Business Journal. Retrieved 2017-02-08.
  16. ^ "Sykes Enterprises, Incorporated Acquires Pure-Play & Best-of-Breed RPA Service Provider Symphony Ventures Limited". GlobeNewswire (Press release). October 22, 2018. Retrieved November 8, 2018.
  17. ^ "Sykes Enterprises, Incorporated, Through Its Clearlink Subsidiary, Acquires Personal Finance Digital Media Company the Penny Hoarder". GlobeNewswire (Press release). Sykes Enterprises, Inc. 2020-12-21. Retrieved 2021-12-07.
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