DENVER, Nov. 17 /PRNewswire-FirstCall/ -- TeleTech Holdings, Inc.
(Nasdaq: TTEC), a global provider of customer management and business process
outsourcing (BPO) services, announced the acquisition of FinSource Inc., an
emerging Philippines-based business process outsourcing company. FinSource,
founded in 2003, provides end-to-end business processing solutions for some of
the world's leading financial services institutions.
"The acquisition of FinSource expands TeleTech's existing capabilities in
the financial services industry and complements the comprehensive mortgage
processing services we offer today," said Kenneth Tuchman, Chairman and Chief
Executive Officer of TeleTech. "FinSource's management team brings in-depth
knowledge and practical experience in international consumer banking and we
look forward to leveraging their BPO expertise in the financial services
industry to further strengthen our capabilities in this sector."
"TeleTech's prestigious client base, global footprint and centralized
delivery architecture coupled with our expertise in financial services, will
significantly enhance FinSource's ability to scale its business and win new
global BPO opportunities," said Mohan Kulkarni, President and Chief Executive
Officer of FinSource. "TeleTech has a proven reputation for delivering
complex front-to-back office solutions on behalf of its clients and we look
forward to working with TeleTech to realize the benefits of the combined
companies."
ABOUT TELETECH
TeleTech is a global business services company that provides a full range
of front-to-back office outsourced solutions including customer management,
BPO, and database marketing services to measurably enhance clients' core
customer management processes. TeleTech's ability to create innovative
strategies, combined with its global technology platform and delivery
infrastructure, helps clients increase revenue, lower costs, and retain their
customers around the world. TeleTech's products and services, standardized
processes, and recognized capabilities to implement complex global projects
make the Company a valued partner for clients that include Global 1000
businesses and governments. TeleTech partners with clients to offer 150
languages, through its more than 40,000 employees, in 17 countries. For
additional information, visit www.TeleTech.com.
ABOUT FINSOURCE
FinSource is a global provider of end-to-end consumer products processing
on behalf of leading international financial services firms. FinSource has
domain expertise and practical business experience in designing and
implementing back offices processes that meet the unique needs of its clients.
FinSource was founded in 2003 by Mohan Kulkarni, a Harvard Business School
graduate and an international banker with extensive banking experience in
diverse Asia-Pacific markets.
FORWARD-LOOKING STATEMENTS
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: risks associated with successfully integrating the FinSource
acquisition into TeleTech; the belief that TeleTech's capabilities will
significantly enhance FinSource's ability to scale its business and win new
global BPO opportunities; the Company's belief that it's continuing to see
strong demand for its services; estimated revenue from new or expanded client
business; the belief that the prospects for new business remain strong;
achieving the Company's expected profit improvement in its International
operations; the ability to close and ramp new business opportunities that are
currently being pursued with existing clients and potential clients; the
ability for the Company to execute its growth plans, including sales of new
products (such as TeleTech On Demand(TM) and TeleTech In Culture(TM)); to
increase profitability via the globalization of its North American best
operating practices; to achieve its year-end 2007 financial goals and targeted
cost reductions; the possibility of the Company's Database Marketing and
Consulting segment not increasing revenue, lowering costs, achieving similar
operating results to its third quarter 2005 results, or returning to historic
levels of profitability thereafter; the possibility of lower revenue or price
pressure from clients experiencing a downturn or merger in their business;
greater than anticipated competition in the customer care market, causing
adverse pricing and more stringent contractual terms; risks associated with
losing or not renewing client relationships, particularly large client
agreements, or early termination of a client agreement; the risk of losing
clients due to consolidation in the industries we serve; 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; 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 or terrorist-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 December 31, 2004 and Quarterly Report on Form 10-Q for the three months
ended September 30, 2005, 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 forward-looking statements.
CONTACT:
Karen Breen
Investor Relations
+1-303-397-8592
Susan
Koehler
Public Relations
+1-303-397-8313
Both of TeleTech Holdings, Inc.
