InvestorsHub Logo
Followers 240
Posts 12032
Boards Moderated 2
Alias Born 04/05/2009

Re: A deleted message

Thursday, 12/23/2021 12:44:55 PM

Thursday, December 23, 2021 12:44:55 PM

Post# of 322
ALJ REGIONAL HOLDINGS, INC ENTERS INTO DEFINITIVE AGREEMENT TO SELL TOLLING AND TRANSPORTATION AND HEALTH BENEFIT EXCHANGE VERTICALS OF FANEUIL, INC (12/22/21)

NEW YORK, Dec. 22, 2021 /PRNewswire/ -- ALJ Regional Holdings, Inc. (NASDAQ: ALJJ) ("ALJ") announced today that it has entered into a definitive agreement to sell the tolling and transportation and health benefit exchange verticals of its wholly owned subsidiary, Faneuil, Inc. ("Faneuil"), to TTEC Holdings, Inc. (NASDAQ: TTEC) ("TTEC"), one of the largest global customer experience ("CX") technology and services innovators for end-to-end digital CX solutions. Consideration to be paid by TTEC is $140 million, less an indemnification escrow amount of approximately $15 million dollars. Faneuil is also eligible to receive additional earn-out payments in an aggregate amount of up to $25 million.

Other Faneuil verticals, including its utilities, non-health benefit exchange, commercial and other verticals, as well as Vistio, a wholly owned subsidiary of Faneuil, which incorporates software tools and methodologies to improve and optimize the contact center agent experience, will remain at Faneuil and Faneuil will continue to operate as a wholly owned subsidiary of ALJ.

The transaction is expected to close during the first calendar quarter of 2022, subject to customary closing conditions and regulatory approvals, including clearance under the Hart-Scott-Rodino Act by the Federal Trade Commission.

"This exciting partnership offers us the ability to provide our core clients many opportunities to leverage broader industry capabilities including scalability and security of our IT technology, workforce management, and the ability to leverage near and off–shore recruiting resources," said Anna Van Buren, President and CEO of Faneuil. "This acquisition stands as a testament to the strength of the Faneuil business and brings together two management teams with extensive CX expertise to better serve our customers. We look forward to working with the TTEC team to complete the transaction and ensure that we continue to deliver the highest quality service to our customers. Both Faneuil and TTEC anticipate a seamless transition for customers and employees, and a quick enhancement to our existing customers in the new year."

"We are very pleased with this partnership with TTEC as it creates synergies for both Faneuil's transitioning and existing customer base and will facilitate additional growth opportunities for Faneuil," added Jess Ravich, Chief Executive Officer of ALJ.

About Faneuil

For more than 25 years, Faneuil (www.faneuil.com) has specialized in designing, implementing managing and operating multichannel customer care, back–office business processing, and Solution as a Service (SaaS) offerings for government and commercial clients operating in complex, highly regulated environments nationwide. Headquartered in Hampton, Virginia, Faneuil delivers broad support to several diverse industries, including health and human services, transportation and tolling, utilities, state and municipal governments, and commercial/retail services. With an unrelenting focus on creating consistently positive customer experiences, Faneuil's customer care professionals are intent on building the brands and reputations of its client partners every day.

About ALJ

ALJ Regional Holdings, Inc. is the parent company of (i) Faneuil, Inc., a leading provider of call center services, back office operations, staffing services, and toll collection services to commercial and governmental clients across the United States, and (ii) Phoenix Color Corp., a leading manufacturer of book components, educational materials, and related products producing value-added components, heavily illustrated books, and specialty commercial products using a broad spectrum of materials and decorative technologies.

https://www.prnewswire.com/news-releases/alj-regional-holdings-inc-enters-into-definitive-agreement-to-sell-tolling-and-transportation-and-health-benefit-exchange-verticals-of-faneuil-inc-301449446.html


"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.