Startek net loss widens to $7.6 million in Q4
March 16, 2021
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NYSE-listed Startek, which had merged its businesses with Indian BPO firm Aegis, has posted a net loss of $7.6 million in the fourth quarter ended December 31, 2020, compared with a net loss of $5.3 million in the year-ago quarter.
The net loss included a $13.2-million goodwill impairment from Covid-19 related forecasted decline in business in India, South Africa and Australia, and in Argentina owing primarily to the devaluation of the local currency.
During the reporting quarter, the firm’s adjusted net income rose 50 per cent to $8.8 million, compared to adjusted net income of $5.8 million in the year-ago quarter, while its net revenue rose to $174.5 million ($171.6 million in the year-ago quarter), the company said in a statement.
Operator
Good afternoon everyone and thank you for participating in today s conference call to discuss StarTek s financial results for the fourth quarter and full-year ended December 31, 2020. Joining us today are StarTek s Executive Chairman and Global CEO, Aparup Sengupta; the company s CFO, Vikash Sureka; and the company s President, Rajiv Ahuja. Following their remarks, we will open the call for your questions. Before we continue, we would like to remind all participants that the discussions today may contain certain statements, which are forward-looking in nature, pursuant to the safe harbor provisions of the federal securities laws.
These statements are based on information currently available to us and are subject to the various risks and uncertainties that could cause actual results to differ materially. StarTek advises all those listening to this call to review the latest 10-Q and 10-K posted on its website for a summary of the risks and uncertainties. StarTek does not und
Startek, an international business process management firm, said it invested $30 million in CSS Corp in a limited partnership managed by its majority shareholder, Capital Square Partners. Startek will acquire both an indirect beneficial interest of approximately 26 per cent in CSS, an IT services and tech support company. Startek said in a statement it had the option to acquire a majority stake in CSS without being obliged to do so. The investment was funded through a newly secured $185 million senior debt facility from CSP Alpha Holdings Pte. Ltd., a wholly-owned unit of Startek. This debt refinancing consists of a $165 million term loan and a $20 million revolving credit facility. The term loan bears a moratorium on principal repayment for 21 months and will amortize quarterly thereafter, beginning in November 2022. The loan is subject to certain standardized financial agreements. The proceeds of this loan were used to repay in full the previous senior debt facility and to als
Startek to acquire 26% stake in CSS Corp for $30 million
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Last Updated: Mar 16, 2021, 07:54 PM IST
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Synopsis
Startek, which has merged its business with India s Aegis, has invested $30 million in IT services firm CSS Corp in a limited partnership managed by Startek’s majority shareholder, Capital Square Partners.
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Mumbai: NYSE-listed BPM firm Startek which had merged its business with Indian BPO firm
Aegis has invested $30 million in IT services firm CSS Corp in a limited partnership managed by Startek’s majority shareholder, Capital Square Partners.
Startek will acquire 26% indirect beneficial interest in CSS. It will also have the option to acquire a controlling stake in the company. The company however said in a statement that the option to acquire majority stake was at its discretion and that Startek is not obliged to do so.
Press release content from Business Wire. The AP news staff was not involved in its creation.
Startek Makes Strategic Minority Investment in CSS Corp to Accelerate Digital Investments
February 25, 2021 GMT
GREENWOOD VILLAGE, Colo. (BUSINESS WIRE) Feb 25, 2021
StarTek, Inc. (NYSE: SRT) (“Startek” or the “Company”), a global provider of customer experience management solutions, today announced a strategic investment in CSS Corp. (“CSS”), a new-age IT services and technology support solutions company that harnesses the power of AI, automation, analytics, cloud and digital to address customer needs.
Capital Square Partners (“CSP”), a Singapore based Private Equity Fund Manager and Startek’s majority shareholder, acquired a controlling stake in CSS on February 25, 2021. Startek has participated in this transaction by contributing a total of $30 million in a limited partnership managed by CSP to acquire both an indirect beneficial interest of approximately 26% in CS