Stream Global Services

Stream Global Services was a multinational business-process-outsourcing company focused on customer management and information management services. Its corporate history began in 2007, when R. Scott Murray founded Global BPO Services Corp. The company used a special-purpose acquisition structure to raise capital and then expanded through the acquisition of Stream Holdings Corporation, a transaction that established the Stream operating identity and broadened its international delivery footprint. In July 2008, Global BPO Services completed the acquisition of Stream Holdings for cash and assumed debt. The transaction was accompanied by a private stock sale to Ares Management and a tender offer for most publicly held Stream shares. The business subsequently operated as Stream Global Services and developed a broad network of contact centers and business-process operations serving customers across North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa. A major expansion occurred on October 1, 2009, when Stream Global Services acquired e-Telecare in a stock-for-stock merger. e-Telecare added more than 10,000 employees and significant operations in the Philippines, strengthening Stream's presence in one of the world's principal outsourced customer-service markets. The combined organization offered customer-management and information-management capabilities, including the operational infrastructure associated with large-scale contact-center delivery. Leadership and ownership changed during the following years. Chairman and chief executive R. Scott Murray resigned in 2010 to return to the investment industry. In June 2011, his investment vehicle, Trillium Capital LLC, proposed acquiring all of Stream for $4.65 per share plus the assumption of debt. The proposal implied an enterprise value of approximately $575 million and also addressed the exercise period for the company's public warrants. The offer was rejected by the private-equity shareholders represented by Ares Capital, Providence Equity Partners and Ayala Corporation. Trillium and Murray later agreed to sell their remaining ownership back to the company, and Stream was taken private in 2012 by the three private-equity owners. Stream's independent existence ended through a transaction with Convergys. On January 6, 2014, the two companies announced a definitive merger under which Convergys would acquire Stream for a total enterprise value of approximately $820 million in cash. At the time of the announced transaction, Stream was described as having more than 37,000 employees in 22 countries and 50 contact centers. The acquisition folded Stream's operations into Convergys, so Stream Global Services is now best understood as a former corporate brand rather than an active standalone company.

Stream Global Services originated in 2007 as Global BPO Services Corp., founded by R. Scott Murray. The company raised $250 million through an initial public offering of a special-purpose acquisition corporation in October of that year. Its initial expansion strategy centered on acquiring established outsourcing assets rather than building an international network entirely from scratch. In July 2008, Global BPO Services completed the acquisition of Stream Holdings Corporation for $300 million in cash plus assumed debt. The transaction also involved a $150 million private stock sale to Ares Management and a tender offer for most publicly held Stream shares, excluding shares held by Global BPO's founders. Following the transaction, the business operated under the Stream Global Services name and developed a geographically distributed business-process-outsourcing platform. On October 1, 2009, Stream Global Services acquired e-Telecare through a stock-for-stock merger valued at approximately $225 million. e-Telecare contributed more than 10,000 employees and a substantial Philippine operating presence. The combination expanded Stream's scale in customer-management outsourcing and reinforced its ability to deliver services through international contact-center operations. The combined company described its service scope as including customer-management and information-management products. Murray resigned as chairman and chief executive in 2010. In June 2011, Trillium Capital LLC, his investment company, submitted a non-binding proposal to acquire all of Stream for $4.65 per share plus the assumption of debt. The proposal had an estimated enterprise value of approximately $575 million and included a request to extend the exercise period of public warrants that otherwise would have expired in October 2011. Ares Capital, Providence Equity Partners and Ayala Corporation, acting as the relevant private-equity owners, rejected the proposal. Trillium and Murray subsequently agreed to sell their ownership back to Stream, and the company was taken private in 2012 by the three private-equity owners. Stream's final major corporate transition was its acquisition by Convergys. On January 6, 2014, Convergys and Stream announced a definitive merger agreement providing for the purchase of Stream for approximately $820 million in cash on an enterprise-value basis. At the time, Stream had more than 37,000 employees, 50 contact centers and operations in 22 countries spanning multiple global regions. The transaction ended Stream Global Services' existence as an independent company and transferred its operations into Convergys.

• 2014

  Convergys agrees to acquire Stream

  [1]Stream Global Servicesen.wikipedia.org

  Convergys and Stream announced a definitive merger under which Convergys would acquire Stream for approximately $820 million in cash.

• 2012

  Company is taken private

  [1]Stream Global Servicesen.wikipedia.org

  Stream was taken private by Ares Capital, Providence Equity Partners and Ayala Corporation after a proposed acquisition by Trillium Capital was rejected.

• 2010

  Founder leaves chief executive role

  [1]Stream Global Servicesen.wikipedia.org

  R. Scott Murray resigned as chairman and chief executive to return to the investment industry.

• 2009

  e-Telecare merger expands Philippine operations

  [1]Stream Global Servicesen.wikipedia.org

  Stream Global Services completed its merger with e-Telecare, adding more than 10,000 employees and substantial operations in the Philippines.

• 2008

  Stream Holdings acquisition closes

  [1]Stream Global Servicesen.wikipedia.org

  Global BPO Services completed its acquisition of Stream Holdings Corporation for cash and assumed debt, helping establish the Stream operating platform.

• 2007

  Global BPO Services Corp. is founded

  [1]Stream Global Servicesen.wikipedia.org

  R. Scott Murray founded Global BPO Services Corp., the predecessor organization of Stream Global Services.

• 2007

  Special-purpose acquisition corporation raises capital

  [1]Stream Global Servicesen.wikipedia.org

  The company raised $250 million through an initial public offering of a special-purpose acquisition corporation.

A large-scale, multinational business-process-outsourcing provider serving organizations through distributed contact-center and information-management operations.

• Business-process outsourcing

  Customer-management services

  Stream's principal offering was outsourced customer management delivered through a multinational network of contact centers. The service model supported organizations that delegated customer-interaction operations to Stream, using the company's distributed workforce and international delivery infrastructure. The available reference material identifies customer management as one of the combined company's core product areas, although it does not provide a detailed catalog of individual service modules.

• Business-process outsourcing

  Information-management services

  Information management was the second broad service category identified for Stream Global Services after its combination with e-Telecare. It formed part of the company's wider outsourcing proposition alongside customer-management operations. The reference material does not specify individual software products or named information-management packages, so this entry describes the service category at the level supported by the source.

• Contact-center outsourcing

  Global contact-center operations

  Stream operated a large international contact-center network supporting its customer-management and information-management activities. At the time of the announced Convergys transaction, the company was described as having more than 37,000 employees, 50 contact centers and operations in 22 countries. Its footprint extended across North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.

• 2014

  Agree to merger with ConvergysM&A

  Background

  Stream had grown into a global outsourcing provider with more than 37,000 employees, 50 contact centers and operations in 22 countries.

  Action taken

  Stream and Convergys announced a definitive merger agreement under which Convergys would acquire Stream for cash.

  Aftermath

  The transaction brought Stream's operations into Convergys and ended Stream Global Services as an independent corporate brand.

  Total enterprise value. Approximately $820 million in cash (Announced January 6, 2014)

  Source

• 2012

  Take-private transactionM&A

  Background

  After the rejection of Trillium Capital's proposal to acquire Stream, the company's private-equity shareholders pursued a change in ownership structure.

  Action taken

  Ares Capital, Providence Equity Partners and Ayala Corporation took Stream Global Services private.

  Aftermath

  Stream ceased to operate as a publicly held company and continued under private-equity ownership until its announced sale to Convergys.

  Source

• 2009

  Merge with e-TelecareM&A

  Background

  Stream sought greater scale and a stronger presence in the Philippines, an important location for outsourced customer-service operations.

  Action taken

  Stream completed a stock-for-stock merger with e-Telecare on October 1, 2009.

  Aftermath

  The combination added more than 10,000 employees and substantial Philippine operations to Stream's international platform.

  Approximate transaction value. $225 million (October 1, 2009)

  Source

• 2008

  Acquire Stream Holdings CorporationM&A

  Background

  Global BPO Services Corp. used its acquisition strategy to establish and expand a multinational outsourcing business under the Stream identity.

  Action taken

  The company closed the acquisition of Stream Holdings for $300 million in cash plus assumed debt, alongside a private stock sale to Ares Management and a tender offer for most publicly held Stream shares.

  Aftermath

  The transaction formed the foundation of Stream Global Services and was followed by further international expansion.

  Acquisition consideration. $300 million in cash plus assumed debt (July 2008)

  Source

1. 1Stream Global Servicesen.wikipedia.org