BY Fraser Tennant
In a bid to capitalise on the growing demand for robotic process automation (RPA), US multinational corporation Sykes Enterprises is to acquire Symphony Ventures, a global services firm focused on RPA and intelligent automation (IA).
Under the terms of the definitive agreement, Sykes will pay a cash purchase price for 100 percent ownership of Symphony, which is expected to be funded through a combination of cash on hand and Sykes’ credit facility.
Sykes expects the acquisition to position it as clear leader to support RPA and IA initiatives globally across all facets of its business operations, while enabling it to tap into an adjacent market estimated to be worth $8.1bn.
“The acquisition of Symphony is another significant step in building our company’s capabilities to succeed as the digital revolution continues to transform our clients’ businesses, their customer service needs, and by extension, the customer support industry,” said Chuck Sykes, president and chief executive of Sykes. “Combining the power of RPA with human ingenuity enables us to help our clients modernise, optimise and integrate key components of their digital operations to significantly improve their business, as well as improve their customers’ lifecycle journey experience.”
Headquartered in London, Symphony offers RPA consulting, implementation, hosting and managed services. The company is approximately 200 people strong and has one of the largest independent global teams of marquee brands, serving financial services, healthcare, business services, manufacturing, consumer products, communications, and media and entertainment industries.
“Symphony has rapidly grown over the past four years to become the digital operations partner of choice for numerous enterprise clients looking to implement RPA and IA solutions,” said David Poole, chief executive of Symphony Ventures. “This growth has been due to the efforts of our highly trained and experienced team that take a process first approach to digital transformation to ensure we deliver top notch quality each and every time. Both Sykes and Symphony are innovative pioneers dedicated to improving customer and client experience.”
The transaction is subject to customary closing conditions and is expected to close on or about 1 November 2018.
Mr Sykes concluded: “The world of intelligent automation systems is approaching a tipping point, and we are excited to be able to participate in this new technological advancement in a meaningful way.”