Account Control Technology Holdings, Inc. Acquires Convergent
Acquisition Creates Diversified Business Process Outsourcing Organization of 20 Offices and 3,900 Employees
DOVER, Delaware – May 20, 2014 – Account Control Technology Holdings, Inc. (ACT Holdings), the parent company of debt management and collection leader Account Control Technology, Inc. (ACT) today announced its acquisition of Convergent Resources Holdings, LLC (Convergent). The acquisition creates a diversified business process outsourcing (BPO) organization with a total of 20 offices and more than 3,900 employees.
Established in 1998 with roots dating back to 1950, Convergent is a leading provider of consumer contact outsourcing, receivables management and revenue cycle management services in the commercial, utility, cable, telecom and healthcare industries. ACT has been a collections leader in the education, government and consumer sectors since 1990. Both companies will retain their established brands and operations.
“Acquiring Convergent fulfills our vision for ACT Holdings as it gains us entry into new markets and services,” said Nabil Kabbani, CEO of ACT. “The two companies complement each other to create a compelling suite of services. This provides us all the benefits of market diversification, while enabling our organizations to truly partner to grow our respective businesses and provide added value to our clients.
Our focus is to build upon our businesses, leveraging our brands, technology and people to shape the future of business process outsourcing.”
Convergent currently has two main divisions: Convergent Outsourcing, which provides contact center and receivables management solutions
for diverse industries, and Convergent Revenue Cycle Management, which offers a full suite of technology-enabled patient access services, third-party reimbursement, self-pay and payment recovery solutions for hospitals and healthcare providers.
According to Mike Meyer, CEO of Convergent Outsourcing, “The change in ownership to ACT Holdings further positions Convergent as a market leader, diversifying our customer base and creating a flexible, powerful group of companies with long-term sustainable growth. Clients will benefit from our increased strength and flexibility, as well as our access to more resources, deeper expertise, larger capacity and more sophisticated technology.”
Derek Pickell, CEO of Convergent Healthcare, echoed the sentiment: “This transaction is a win-win-win for ACT, Convergent and our clients,” he said. “ACT Holdings has demonstrated an ongoing willingness to invest in its operations, and its commitment to consultative client service, ethical business practices, and corporate responsibility will benefit our clients, business partners, employees and communities. This will further enhance our goal to bring proven contact center technologies and best practices to the healthcare industry.”
ACT Holdings acquired Convergent from Silver Oak Services Partners. The acquisition was financed by Cerberus Capital Management, L.P. and Prudential Capital Group. Advisory services were provided by Piper Jaffray & Co. and Manatt, Phelps & Phillips, LLP.
Headquartered in Atlanta, Convergent is one of America’s largest business process outsourcing firms. The company has more than sixty years of history serving a diverse customer base with consumer contact outsourcing services, commercial receivables management and healthcare revenue cycle management. Convergent empowers its clients with an innovative combination of an adaptable workflow engine, technology-enabled operations, next-generation analytics and professional services to deliver superior financial performance and high levels of client and consumer satisfaction. For more information, visit http://www.convergentusa.com.
About Account Control Technology, Inc.
Account Control Technology, Inc. (ACT) is a leader in providing consultative debt management,
collection, call center and business office solutions for education, government and consumer entities. Founded in 1990, ACT has been recognized as an Inc. 5000 fastest-growing private company for the past seven years running, and it has received Inc.’s Hire Power Award as one of America's top job creators for the past two years. For more information, call 800-394-4228, email email@example.com or visit www.accountcontrol.com.
About Account Control Technology Holdings, Inc.
Account Control Technology Holdings, Inc. (ACT Holdings) represents a diverse family of companies offering comprehensive business process outsourcing and financial services. Our companies partner with clients to help them run the “business” behind their operations so they can focus on what they do best–whether it’s serving customers, educating students, caring for patients, or keeping communities moving forward. Current ACT Holdings companies include Account Control Technology, Inc., Convergent, and Diamond Student Information System. For more information, visit www.accountcontrolholdings.com.