Sykes Enterprises to Acquire Alpine Access; Raises Q2 EPS Guidance, Cuts 2012 EPS, Rev Guidance
-- Transaction to drive differentiation and substantially strengthen competitive position -- Transaction expected to be accretive to earnings per share on a non-GAAP basis in 2013 -- Second quarter and full year 2012 business outlook update
For SYKES, the acquisition of Alpine Access provides opportunity as it:
Creates significant competitive differentiation for quality, speed to market, scalability and flexibility driven by proprietary, internally-developed software, systems, processes and other intellectual property which uniquely overcome the challenges of the at-home delivery model;
Dramatically strengthens the Company's current service portfolio and go-to-market offering while expanding the breadth of clients with minimal client overlap;
Broadens the addressable market opportunity within existing and new verticals as well as clients; Expands the addressable pool of skilled labor;
Allows SYKES to leverage operational best practices across its global platform, with the potential to convert more of the fixed cost to variable cost; and
Further enhances the growth and margin profile of SYKES to drive shareholder value
Sykes Enterprises Incorporated ("SYKES" or the "Company") (Nasdaq: SYKE), a global leader in providing outsourced customer contact management solutions and services in the business process outsourcing (BPO) arena, announced today that it has signed a definitive agreement to acquire Alpine Access, Inc. ("Alpine Access"). Founded in 1998 in Denver, Colorado, Alpine Access is an industry leader in the at-home agent space – recruiting, training, managing and delivering award-winning customer contact services through a secured and proprietary virtual call center environment. Alpine Access leverages its broad portfolio of service offerings across a diverse set of clients and various verticals, including communications, healthcare, retail, government, financial services and technology in the U.S. and Canadian markets. The Board of Directors of SYKES and Alpine Access have each approved the transaction unanimously. Alpine Access has already received shareholder approval from the shareholders necessary to approve the transaction. The transaction is expected to close sometime around the end of the third quarter, subject to the satisfaction of customary closing conditions, including Hart-Scott-Rodino clearance.
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