Concentrix announces sale of insurance third-party administration operation and software platform

Fremont, calif., may 17, 2021 (globe newswire) -- concentrix corporation (nasdaq: cnxc), a leading global provider of customer experience (cx) solutions and technology, announced today that it has reached a definitive agreement to sell its insurance third-party administration operations and software platform (“concentrix insurance solutions” or “cis”) to abry partners, a leading boston-based private equity firm, and hoplon capital, an asset manager focused on digital disruption of end markets including insurance. this will create a new company which will operate as a standalone business bringing innovation to the insurance marketplace. the transaction is expected to close by the end of may 2021 subject to the approval of customary regulatory requirements and closing conditions. the sale does not impact concentrix' financial guidance for fiscal year 2021, which remains unchanged.
CNXC Ratings Summary
CNXC Quant Ranking