Convergys Approves $200m Share Buy-Back Program

In the US, the Board of call center outsourcing giant Convergys has approved a program to repurchase up to $200m worth of stock, using cash generated from the business and proceeds from asset sales.

Convergys has approximately 70,000 employees in 67 customer contact centers and other facilities in the US, Canada, Latin America, Europe, the Middle East, and Asia, and at its headquarters in Cincinnati, Ohio. The firm's back-office portfolio includes a range of marketing research, consulting and advanced analytics tools and methodologies, which its team uses for satisfaction and loyalty studies, customer experience consulting and contact center analytics.

In October, the group reported a 4% increase in revenue to $552m for Q2 2011, and for the full year, the company is predicting Information Management revenue of $330-340m and Customer Management revenue in excess of $1.875 bn.

Commenting on the share buy-back program, President and CEO Jeff Fox said: 'With approximately $500m of forecasted year-end domestic and international cash, we are in an excellent position to continue to execute our strategic and financial plans.'

Web site: www.convergys.com .