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Convergys May Be Split Into Two!
Convergys May Be Split Into Two!
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| Convergys is considering splitting the company into two by separating its information management segment.
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Wednesday, September 03, 2008:
Convergys Corporation is planning to split off its information management business from the remaining parts of the company to create two independent, publicly traded companies, each focussed on its own set of business opportunities. The company's information management business includes billing services for telecommunications companies such as AT&T and Cincinnati Bell. Convergys noted that there can be no assurance that the evaluation announced today will result in any changes to the company’s current corporate structure.
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“This evaluation is a part of our plan to align the company’s assets and capabilities with our leadership in relationship management and to unlock value for shareholders,” said Dave Dougherty, president and CEO, Convergys. “We believe it’s prudent to consider separating information management into an independent entity as a means of enhancing the strength and focus of each of our businesses to better serve our clients, provide more opportunities for our employees and bolster each business’ competitive position.”
“As our board, senior management team and advisors work to complete this evaluation, Convergys’ approximately 75,000 employees remain dedicated to serving our clients’ needs and delivering the superior service experience and advanced relationship management solutions that have set Convergys apart and supported our many years of success,” Dougherty continued.
The board of the company has retained Centerview Partners as its financial advisor to assist in this process. Convergys anticipates that the board of directors and the senior management team will review the results of this evaluation and make a decision during the fourth quarter 2008.
The company said the possible spin-off will not affect the previously announced acquisition of Intervoice Inc. Convergys expects the Intervoice transaction to close later this week. |
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