ST. PETERSBURG, Fla.--(BUSINESS WIRE)--iQor, a managed services provider of customer engagement and technology-enabled BPO solutions, announced today that it has completed the sale of its logistics and product service assets in Europe, Asia, South America, Canada and certain non-core assets in the United States. This transaction allows iQor to focus on its rapidly expanding end-to-end customer strategy which is a key component of supporting North American BPO customers.
Under the agreement, all logistics and product service operations in Europe, Asia, South America, Canada and certain non-core assets in the United States have been bought by an affiliate of Staple Street Capital, a leading middle-market private investment firm. Based on a foundation of executional excellence and innovation, the divested business will be renamed Ivy Technology and will be an independently operated business focused on growing its now standalone business. This transaction is in line with iQor’s integrated North American BPO platform strategy, which is inclusive of Logistics and Product services.
“Today I am pleased to announce that we have strengthened our integrated North American BPO platform strategy through this transaction,” said Gary Praznik, President and CEO of iQor. “Our North American Logistics and Product Services solution remains an integral part of our five pillars of end-to-end customer support. The transaction combines iQor’s award-winning customer support capabilities with select logistics and product services assets that complement the full customer life-cycle. This rationalization of services enables iQor to apply focus on areas of high growth with existing and future customers. Our tech-enabled BPO platform is unique as it is the only platform that provides the customer a complete end-to-end solution and remains a powerful value proposition for many of our clients, who increasingly use more than one of iQor’s services."
iQor’s North American BPO Business platform will retain strategic logistics and product service customers who partner with the company across its pillars of service including; Omni-channel, technical services, revenue generation, analytics-enabled retention and logistics and product services. The company will use its remaining logistics footprint to support 450 million consumers in the United States and Mexico, powered by innovative artificial intelligence and machine learning platforms. Services offered will include; in warranty and out of warranty service, screening, product testing, L1 – L4 repair, component testing & repair, kitting/packing, asset recovery & recycling, service parts logistics, supply chain sourcing, planning, procurement, BGA capabilities and quality assurance.
In total, the company will have approximately $1.0 billion in revenue, more than 45,000 employees, and operations in 8 countries around the world supporting over 100 clients.
Increasingly, clients are actively seeking companies that offer support options across the customer life cycle. iQor’s uniqueness in the BPO space offers such a solution by offering complete end-to-end customer management. As support complexity increases, iQor is there, leading the way in Customer Experience, Net Promoter scores and helping its clients vie for and win JD Powers Awards in Customer Satisfaction and more.
About iQor
iQor is a managed services provider of customer engagement and technology-enabled BPO solutions. With 45,000 employees in 8 countries, we partner with many of the world's best-known brands to deliver aftermarket product and customer support solutions that span the consumer value chain, from customer care and receivables management to product diagnostics and repair services. Our award-winning technology, logistics, and analytics platforms enable us to measure, monitor, and analyze brand interactions, improve business processes, and find operational efficiencies that lead to superior outcomes for our partners across the customer and product life cycles. For more information, please visit us at www.iqor.com or follow us at www.twitter.com/iqor.
About Ivy Technology
Formed as a product of the transaction described herein, Ivy Technology is a leading provider of aftermarket lifecycle care solutions for electronic equipment to the electronics, computer, telecommunications, medical device, internet of things (“IoT”) and other industries. With a global footprint across four continents and over 2,900 employees, the Company has a long history of innovation, quality and customer service.
About Staple Street Capital
Staple Street Capital is a private equity firm which invests in market‐leading businesses, where it provides strategic oversight, financial resources and access to a network of world class executives to help its portfolio companies reach their full potential. Staple Street Capital has a proven model for value creation and particular expertise effecting corporate carve-outs and other complex transactions. Staple Street Capital is typically seeks to invest $20 million - $75 million of equity per transaction. For more information, please visit www.staplestreetcapital.com.
