Benzinga | Mar 2, 2021 08:11AM EST

TTEC Set To Acquire CX Technology And Solutions Provider Avtex

TTEC Holdings Inc (NASDAQ: TTEC) has agreed to acquire CX technology and solutions provider, Avtex.

* The acquisition will be immediately accretive and highly complementary to TTEC's CX-as-a-Service (CXaaS) customer experience technology and services platform.

* The deal's financial terms were not disclosed, but TTEC ended Q4 with cash and equivalents of $132.9 million and debt of $396.3 million.

* The deal enables TTEC to develop further its position amongst CX technology innovators and end-to-end digital customer experience solutions providers.

* Avtex will boost TTEC's proprietary CX technology portfolio and extensive global partnerships.

* The acquisition will expand its client base in North America and gain access to CX engineers, data scientists, and solution architects proficient in integrated digital solutions. It will lead to offering expansion in the field of banking, financial services, insurance, credit unions, public sector, healthcare, and e-commerce clients.

* Avtex CEO George Demou expects the clients to gain from TTEC's distinguished CX technology and solutions platform, wider digital transformation abilities, and an extended global footprint.

* TTEC also reported strong Q4 results and raised semi-annual cash dividend from $0.40 to $0.43.

* Price action: TTEC stock was up 5% at $93.16 in the pre-market session on the last check Tuesday.