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Startek net loss widens to $7.6 million in Q4 March 16, 2021 × NYSE-listed Startek, which had merged its businesses with Indian BPO firm Aegis, has posted a net loss of $7.6 million in the fourth quarter ended December 31, 2020, compared with a net loss of $5.3 million in the year-ago quarter. The net loss included a $13.2-million goodwill impairment from Covid-19 related forecasted decline in business in India, South Africa and Australia, and in Argentina owing primarily to the devaluation of the local currency. During the reporting quarter, the firm’s adjusted net income rose 50 per cent to $8.8 million, compared to adjusted net income of $5.8 million in the year-ago quarter, while its net revenue rose to $174.5 million ($171.6 million in the year-ago quarter), the company said in a statement. ....
Startek, an international business process management firm, said it invested $30 million in CSS Corp in a limited partnership managed by its majority shareholder, Capital Square Partners. Startek will acquire both an indirect beneficial interest of approximately 26 per cent in CSS, an IT services and tech support company. Startek said in a statement it had the option to acquire a majority stake in CSS without being obliged to do so. The investment was funded through a newly secured $185 million senior debt facility from CSP Alpha Holdings Pte. Ltd., a wholly-owned unit of Startek. This debt refinancing consists of a $165 million term loan and a $20 million revolving credit facility. The term loan bears a moratorium on principal repayment for 21 months and will amortize quarterly thereafter, beginning in November 2022. The loan is subject to certain standardized financial agreements. The proceeds of this loan were used to repay in full the previous senior debt facility a ....
Startek to acquire 26% stake in CSS Corp for $30 million SECTIONS Last Updated: Mar 16, 2021, 07:54 PM IST Share Synopsis Startek, which has merged its business with India s Aegis, has invested $30 million in IT services firm CSS Corp in a limited partnership managed by Startek’s majority shareholder, Capital Square Partners. Getty Images Mumbai: NYSE-listed BPM firm Startek which had merged its business with Indian BPO firm Aegis has invested $30 million in IT services firm CSS Corp in a limited partnership managed by Startek’s majority shareholder, Capital Square Partners. Startek will acquire 26% indirect beneficial interest in CSS. It will also have the option to acquire a controlling stake in the company. The company however said in a statement that the option to acquire majority stake was at its discretion and that Startek is not obliged to do so. ....
TSIA and CSS Corp Co-Author a Report on Outsourcing Trends in 2021 businesswireindia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesswireindia.com Daily Mail and Mail on Sunday newspapers.
Bangalore (Karnataka) [India], February 18 (ANI/BusinessWire India): CSS Corp, a new-age IT services and technology support company today announced that it has secured the 6th rank globally in HFS Research s Digital Associates Services Global Top 10 study and 5th rank in voice of the customer category. This report assessed top service providers in the industry for how well they are helping their clients embrace and realize results from deploying technology-driven digital associates solutions in a wide array of business and IT functions. CSS Corp s cognitive solutions have evolved from process enabling bots into next generation of digital co-workers. These digital co-workers or digital associates infuse intelligence across the operational ecosystem, driving intelligent automation while empowering and augmenting human workers capabilities across enterprise functions like customer service, technical support, IT, HR and more. ....