Synnex completes $420 mn acquisition of Minacs Group

US-based Synnex Corporation today said it has completed USD 420 million (about Rs 2,819 crore) acquisition of The Minacs Group.
Synnex had announced the deal in July.
Minacs will be integrated into Synnex's Concentrix business segment and the new combined organization will have more than 90,000 staff, it said in a statement.
The new entity will provide services in over 40 languages from 125 delivery centers across six continents, it added.
Minacs will continue doing business under its existing name for about three months, until the rebranding to Concentrix is completed, it said.
"We believe the diverse and talented staff with the complementary footprint and deep domain knowledge will continue to enhance our value proposition in the market place," Concentrix President Chris Caldwell said.

Concentrix had also acquired IBM Daksh (IBM's customer care business) in 2013 for USD 505 million.

"The Minacs acquisition strengthens Concentrix's position as a top 10 global provider, provides greater scale and capabilities in a variety of industries and enhances its technology solutions and platforms," Synnex said.
The deal is expected to add approximately USD 400 million of revenue, USD 0.53 per share non-GAAP earnings as well as key clients across strategic verticals, Synnex had said while announcing the deal.
Minacs, which has about 21,000 employees across 35 centres worldwide, was acquired by CX Partners and Capital Square Partners from Aditya Birla Nuvo for USD 260 million in 2014.