DENVER, Nov. 3 /PRNewswire-FirstCall/ -- TeleTech Holdings, Inc.
(Nasdaq: TTEC), a leading global provider of customer management and business
process outsourcing (BPO) solutions, today announced the renewal of several
key client agreements and the signing of a new five-year agreement with a
Fortune 50 company.
Over the last several months, the company has renewed key long-term client
agreements totaling $440 million, $350 million of which is estimated to be
recognized over a five-year period and the remaining $90 million is estimated
to renew annually.
In addition, TeleTech signed a five-year agreement with a Fortune 50
company valued at an estimated $150 million over the term of the relationship.
TeleTech will support this client in its ongoing business transformation
efforts from TeleTech's existing facilities in four regions of the world.
TeleTech expects the business to ramp over the next twelve to eighteen months.
"Throughout 2004, we have been extremely focused on revenue growth and
diversification via new business wins and the renewal of existing client
relationships," said Kenneth Tuchman, TeleTech's chairman and chief executive
officer. "We are delighted to have renewed several key client relationships
and were selected by the Fortune 50 company after an extensive review of our
solutions, our global facilities, and our integrated delivery platform. We
continue to invest in our sales and solutions infrastructure to further
broaden our industry vertical expertise and to launch new products that drive
long-term revenue growth and profitability."
TeleTech is a global leader of integrated customer solutions and business
process outsourcing designed to help clients acquire, grow, and retain
profitable relationships with their customers. TeleTech strengthens customer
relationships for its clients by providing a combination of technologies,
processes, professional services, and global infrastructure. Headquartered in
Denver, Colo., TeleTech's worldwide capabilities are supported by more than
33,000 professionals in North America, Latin America, Asia-Pacific, and
Europe. For additional information, visit www.TeleTech.com.
This press release may contain certain forward-looking statements relating
to future results. The Private Securities Litigation Reform Act of 1995
provides a safe harbor for forward-looking statements. These forward-looking
statements are subject to risks and uncertainties that may cause TeleTech's
and its subsidiaries' actual results to differ materially from those expressed
or implied by such forward-looking statements, including but not limited to
the following: the estimated revenues associated with new or renewed client
agreements; the possibility of the company's Database Marketing and Consulting
segment not returning to historic levels of profitability; greater than
anticipated competition in the customer care market, causing adverse pricing
and more stringent contractual terms; risks associated with losing or not
renewing significant client relationships, or early termination of a client
agreement; the company's ability to close new business and fill excess
capacity; consumers' concerns or adverse publicity regarding the products of
the company's clients; higher than anticipated start-up costs or lead times
associated with new ventures or business in new markets; execution risks
associated with performance-based pricing metrics in certain client
agreements; execution risks associated with achieving targeted annualized cost
reductions; the company's ability to find cost effective locations, obtain
favorable lease terms, and build or retrofit facilities in a timely and
economic manner; risks associated with business interruption due to
weather-related events; risks associated with attracting and retaining
cost-effective labor at the company's customer management centers; the
possibility of additional asset impairments and restructuring charges; risks
associated with changes in foreign currency exchange rates; economic or
political changes affecting the countries in which the company operates;
changes in accounting policies and practices promulgated by standard setting
bodies; and, new legislation or government regulation that impacts the
customer care industry.
Please refer to the company's filings with the Securities and Exchange
Commission, including the company's Annual Report on Form 10-K for the year
ended 2003 and other more recent SEC filings, for a detailed discussion of
factors discussed above and other important factors that may impact the
company's business, results of operations, financial condition, and cash
flows. The company assumes no obligation to update its forward-looking
statements to reflect actual results or changes in factors affecting such
SOURCE TeleTech Holdings, Inc.
/CONTACT: Investor Relations, Karen Breen, +1-303-397-8592, or Dan
Campbell, +1-303-397-8634, or Public Relations, Julie Lucas, +1-303-397-8555,
all of TeleTech Holdings, Inc./
/Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010130/TELETECHLOGO
PRN Photo Desk, email@example.com/
/Web site: http://www.teletech.com /
CO: TeleTech Holdings, Inc.
IN: CPR TLS
-- LAW088 --
1246 11/03/2004 16:15 EST http://www.prnewswire.com