Sykes Enterprises To Buy Symphony Ventures For £52 Mln In Cash

(RTTNews) - Sykes Enterprises Inc. (SYKE), Monday said it has agreed to buy Symphony Ventures Ltd for 52 million pounds in cash.

Founded in 2014 and headquartered in London, Symphony is offers RPA consulting, implementation, hosting and managed services. Symphony holds partnerships with RPA software vendors, including Automation Anywhere, Blue Prism, NICE, Thoughtonomy, and UiPath.

CEO Chuck Sykes said, "The acquisition of Symphony is another significant step in building our company's capabilities to succeed as the digital revolution continues to transform our clients' businesses, their customer service needs, and by extension, the customer support industry."

Sykes intends to fund the acquisition through a combination of cash on hand and the company's credit facility. The purchase price is about 2.0x 2019 projected revenues.

The transaction is subject to customary closing conditions and is expected to close on or about November 1, 2018.