Eagan Call Center Co. Pays $44M for U.K. Co., Keeps Hiring
Call center company Stream Global Services, Inc., which in November announced plans to expand in Eagan and hire 150, said that it recently purchased a U.K.-based lead generation and call center company in a deal valued at almost $44 million.
The British company is LBM Holdings Limited, and its clients include both U.K. and global business-to-consumer and business-to-business brands. It employs roughly 2,500 employees across six locations in the U.K. and provides services for companies in a wide range of industries, including telecommunications, financial services, utilities, automotive, and retail.
Eagan-based Stream Global revealed the purchase price, which was listed in British pounds, in a regulatory filing. The deal closed Monday.
Stream provides sales, customer service, technical support, and other outsourcing services for clients in the technology, software, computing, consumer electronics, media, financial services, travel and hospitality, communications, and wireless sectors.
Stream—which reported $860 million in 2012 sales, up 2 percent from the prior year—is owned by private equity firms and went private last year.
The company said that it expects its acquisition to enhance its own sales services, which include recruiting and training sales employees and employing “proven sales behaviors” said to close more sales with greater predictability.
“This transaction is about delivering greater value to our clients and long-term growth for our company,” Stream Chair and CEO Kathryn Marinello said in a statement. “LBM has proven experience in creating highly precise target lists of people who will be more inclined to buy products and services . . .”
Last fall, Stream began leasing 37,000 square feet of space in Eagan; in addition to moving a couple dozen corporate staff working in Bloomington, it began filling open positions and said it planned to hire more than 150 within the subsequent few months.
Stream spokesman Joe Thornton told Twin Cities Business on Wednesday that the company has hired approximately 75 call center employees since the fall and plans to have 350 working from the Eagan office by mid-summer—mostly customer support workers but also some team leaders and managers.
The call center employees working at the Eagan facility are now serving a single client in the entertainment industry, said Thornton, adding that Stream has confidentiality agreements that prevent it from disclosing the names of its clients, although many are well-known names in the industries it serves. The company plans to begin serving additional clients from Eagan in the coming months.
Stream employs more than 37,000 people in 22 countries, and it handles more than 150 million customer contacts annually. Nine of Stream’s call centers are in the United States—the newest of which is in Eagan. It has three major corporate offices; aside from Eagan, the other two are located in Wellesley, Massachusetts, and Denver. Thornton said that Stream’s CEO and most of its senior leadership team work out of the Eagan office.