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Convergys to buy Intervoice for $335M

Wed, 07/16/2008 - 8:30am
Mike Robuck

Convergys Corp. announced today that it will buy Intervoice Inc. for $335 million, or $8.25 per share.

The purchase price represents a premium of 24 percent to Intervoice’s closing stock price yesterday, the last trading day prior to the announcement of the agreement.

Intervoice makes automated voice response systems, which Convergys will integrate with its products and services. Intervoice revenues for the fiscal year ended Feb.28 were $202.4 million. 

“This acquisition is part of our plan to be the market leader in relationship management solutions,” said Dave Dougherty, Convergys’ president and CEO. “Clients are demanding high-quality, integrated relationship management solutions, combining both automated and live agent services, to drive more value from their relationships with their customers and employees. We believe acquiring Intervoice allows us to compete more effectively as a single-source provider and enables us to grow our revenues and our earnings.”

Convergys expects the deal to close in the third quarter of this year. Convergys has projected revenues of $2.85 billion to $3 billion in the current year

"Separately, these companies have been strong strategic partners delivering products that have created opportunities for customers like us," said Robert Strickland, SVP and chief information officer at T-Mobile USA. "If they come together, we look forward to seeing them continue to build on their ability to bring solutions to the market that place customer relationships at the center."

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