Convergys Corp., a provider of customer care, human resources and billing services, completed its acquisition of the finance and accounting business process outsourcing line of Deloitte Consulting Outsourcing LLC, a subsidiary of Deloitte Consulting LLP.
The agreement between Convergys and Deloitte was announced in June, when Convergys said that the acquisition would not affect its 2005 earnings per share. Financial terms were not disclosed.
Based in Tulsa, Okla., the outsourcing business line has provided finance and accounting outsourcing services for the last decade to clients in industries ranging from communications to retail to professional services. The line provides business processing and technology services supporting clients from, "procurement to payment," including financial reporting, reconciliations, budgeting and treasury management functions. "Convergys is already an established leader in the market, so this acquisition is a strategic extension of our service offerings that will leverage our existing HR and customer care expertise and experience," said Convergys executive vice president Steve Rolls, in a statement. "Finance and accounting BPO is a fast-growing market ... [the acquisition] positions Convergys to expand our footprint to a whole new horizontal market and accelerate revenue growth in our customer management business."
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