By acquiring US-based PSG Global Solutions, a leader in
digital recruitment process outsourcing (“RPO”), Teleperformance
will further strengthen its strong added-value Specialized Services
activities, its major position in the dynamic US healthcare
vertical and its digital recruitment practices. The deal will
create immediate value for Teleperformance shareholders as it is
expected to be accretive to EBITDA margin and earnings per share in
2022 on a proforma basis.
Regulatory News:
Teleperformance (Paris:TEP), the global leader in outsourced
customer and citizen experience management and related digital
services, announced today that it has acquired PSG Global
Solutions, LLC (“PSG”) from its management and private investors.
PSG is a US-based leader in partial cycle recruitment process
outsourcing (“RPO”), offering solutions for key aspects of the
recruiting and recruiting support processes. PSG will be a
wholly-owned subsidiary of Teleperformance, with its founders and
senior management team continuing to operate the company and
covering the RPO market for the Group.
Founded in 2008 and headquartered in Marina del Rey,
California, PSG is a high growth, profitable, and strong cash
generative company, with annual revenue of US$75 million and an
annual revenue growth of c.+40% (2019-2022E CAGR).
PSG’s unique comprehensive solution suite, supporting its
clients’ hiring activities, is composed of three business
lines:
- Recruiting: providing dedicated
specialists for sourcing, screening and vetting candidates to be
interviewed by its clients’ recruiting teams - Recruiting
support: delivering a broad range of administrative support
covering pre-recruiting, recruiting and post-recruiting
workstreams, including credentialing, clinical referencing,
onboarding, payroll and billing; it helps clients focus on core
value-added decisions - Full cycle RPO: offering a
comprehensive solution from job posting to candidate onboarding,
outsourcing the entire function for clients
PSG has a strong and niche business model that creates
significant value for its clients, driven by its digital integrated
business service delivery. PSG’s proprietary technology
platform (Compass) and people are integrated from the ground up
with automation at critical stages of the recruitment funnel
(sourcing & candidate attraction, recruiting support, analytics
& reporting).
This acquisition is fully aligned with Teleperformance’s
stated strategy of building deeper expertise along its adjacent
lines of business, industry verticals and digital capabilities. By
acquiring PSG, Teleperformance further strengthens its strong
added-value Specialized Services activities, its major position in
the dynamic US healthcare vertical and its digital recruitment
practices. The Group intends to scale up PSG’s RPO activity in
new client verticals and new geographies. The performance of PSG’s
digital platform built around proprietary solutions optimizes the
recruitment of talent and represents a real competitive asset. The
deal creates immediate value for Teleperformance shareholders as it
is expected to be accretive to EBITDA margin and earnings per share
in 2022E on a proforma basis.
The consideration for the transaction (enterprise value) is
US$300 million at closing. The acquisition is fully financed with
cash on hand. Latham & Watkins LLP acted as legal advisors to
Teleperformance.
Teleperformance Chairman and Chief Executive Officer Daniel
Julien, said: “PSG delivers critical recruitment services to a
large array of blue chip clients, mostly in diverse recession
resilient end-markets in the United States. It is a solid
organization that supports more than 110 clients with a
sophisticated growing workforce of approximately 4,000
employees.
Being integrated in Teleperformance’s Specialized Services
activities led by Scott Klein, this acquisition will reinforce the
Group’s global leadership as a provider of digital integrated
business services.
Together with PSG’s experienced and entrepreneurial management
team and its premier proprietary technology capabilities, we will
continue to strengthen our solid position in the US healthcare
end-market and our digital recruitment processes. This represents a
significant competitive advantage in the current challenging hiring
context.”
“The deal creates immediate value for Teleperformance
shareholders as it is expected to be accretive to EBITDA margin by
c.15bps and earnings per share by nearly +3%**”, he
added.
Scott W. Klein, President of Specialized Services,
Teleperformance, commented: “The value that PSG creates for its
clients is unmatched in the RPO industry. Our ability to invest in
this newest Specialized Services business will drive enhanced
growth and new solutions and allow for the achievement of our
never-ending focus on delivering total and complete client
satisfaction! Together with PSG’s management team, we notably
intend to scale up the RPO activity in new client verticals and new
geographies. The performance of the digital platform built around
proprietary solutions optimizes the recruitment of talent and
represents a real competitive asset.”
** excluding amortization of intangibles on a pro forma
basis for 2022
Conference call with analysts and investors
A conference call to discuss details of the transaction will be
held today at 6:15 pm CEST.
Dial-in-number: France: +33 (0) 1 70 37 71 66 United Kingdom:
+44 (0) 33 0551 0200 USA: +1 212 999 6659
The slides of the conference call and the recording will be
available on the following link:
https://www.teleperformance.com/en-us/investors/publications-and-events/other-events/
Indicative investor calendar
Third-quarter 2022 revenue: November 3, 2022
About Teleperformance Group
Teleperformance (TEP – ISIN: FR0000051807 – Reuters: TEPRF.PA
- Bloomberg: TEP FP), the global leader in outsourced customer and
citizen experience management and related digital services,
serves as a strategic partner to the world’s largest companies in
many industries. It offers a One Office support services model
including end-to-end digital solutions, which guarantee successful
customer interaction and optimized business processes, anchored in
a unique, comprehensive high touch, high tech approach. Nearly
420,000 employees, based in 88 countries, support billions of
connections every year in over 265 languages and around 170
markets, in a shared commitment to excellence as part of the
“Simpler, Faster, Safer” process. This mission is supported by the
use of reliable, flexible, intelligent technological solutions and
compliance with the industry’s highest security and quality
standards, based on Corporate Social Responsibility excellence. In
2021, Teleperformance reported consolidated revenue of €7,115
million (US$8.4 billion, based on €1 = $1.18) and net profit of
€557 million.
Teleperformance shares are traded on the Euronext Paris market,
Compartment A, and are eligible for the deferred settlement
service. They are included in the following indices: CAC 40, STOXX
600, S&P Europe 350, MSCI Global Standard and Euronext Tech
Leaders. In the area of corporate social responsibility,
Teleperformance shares are included in the CAC 40 ESG since
September 2022, the Euronext Vigeo Euro 120 index since 2015, the
EURO STOXX 50 ESG index since 2020, the MSCI Europe ESG Leaders
index since 2019, the FTSE4Good index since 2018 and the S&P
Global 1200 ESG index since 2017.
For more information: www.teleperformance.com Follow us on
Twitter: @teleperformance
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version on businesswire.com: https://www.businesswire.com/news/home/20221027005801/en/
FINANCIAL ANALYSTS AND INVESTORS Investor relations and
financial communication department TELEPERFORMANCE Tel: +33 1 53 83
59 15 investor@teleperformance.com
PRESS RELATIONS Europe Karine Allouis – Laurent
Poinsot IMAGE7 Tel: +33 1 53 70 74 70 teleperformance@image7.fr
PRESS RELATIONS Americas and Asia-Pacific Mark
Pfeiffer TELEPERFORMANCE Tel: + 1 801-257-5811
mark.pfeiffer@teleperformance.com
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