"This transaction is part of CTT's Business Solutions platform consolidation strategy by improving the offer of BPO solutions, Contact Center and other business support services," according to CTT.
Correios de Portugal (CTT) informed this Monday that they have concluded, about two months after the deal was announced, the acquisition of 100% of the share capital of NewSpring Services and its holding company HCCM – Outsourcing Investment, for €7 million.
“This transaction is part of CTT’s Business Solutions platform consolidation strategy by improving the offer of BPO solutions, Contact Center and other business support services,” explains the company in a statement sent to the Portuguese Securities and Exchange Commission (CMVM).
With this acquisition, “CTT strengthens its skills and capacities in Business Solutions, which will allow it to seize the integrated offering growth opportunity in this business segment and reduce its dependence on external partnerships and optimize resources by insourcing activities that are increasingly core to this business area,” it says.
At last, Correios de Portugal state that “earnouts were agreed, depending on the company’s activity over the 2 years following the closing date, based on the achievement of pre-defined objectives for NewSpring Services, including EBITDA targets.”
In 2020, NewSpring Services reported sales of €21.1 million and an EBITDA of €2.4 million.