Avtex Solutions, a Bloomington-based customer experience technology company, has been acquired for $490 million.
TTEC Holdings Inc., a global customer experience tech company based in Colorado, closed the deal with Avtex last week. While the two companies did not disclose terms, the Securities and Exchange Commission reported the size of the cash deal.
Avtex, which was previously owned by Minneapolis-based Norwest Equity Partners, grew considerably last year as companies needed help switching to work-from-home solutions for both employee and customer interactions.
Avtex will become part of the TTEC Digital business segment, and Avtex CEO George Demou will become president of that unit, the SEC filings show.
Demou said in November that he expected Avtex to hit $160 million in revenue for 2020. Denver-based TTEC reported full-year 2020 revenue of $1.94 billion.
"Through this acquisition, I believe that we are now able to truly realize our vision of helping our clients fuel exceptional experiences for their customers," Demou said in a statement. "We remain committed to providing the same great service and support … and we look forward to taking the next step in our journey toward becoming the premier end-to-end customer experience partner."
Through the acquisition, TTEC adds more than 500 employees from Avtex, including customer experience engineers and data scientists, and more than 1,000 clients in fields from banking and insurance to health care and e-commerce.
Ken Tuchman, chief executive of TTEC, said the acquisition of Avtex will be transformational for the company.
"This high-growth platform will essentially double our total addressable market by extending our solutions to the thriving mid market," he said in a statement.
Nick Williams • 612-673-4021