M&A · Industrials · Services-Business Services, NEC
Concentrix Corp to acquire Servicesource International, Inc.
Announced May 9, 2022 · Closed Jul 20, 2022
Deal value$149MEV $120M
Premium47.1%To unaffected price
EV / Adj. EBITDA13.0x0.6x EV / Revenue
ConsiderationAll cash$1.50 per share
Transaction
- Acquirer
- Concentrix Corp (CNXC)
- Target
- Servicesource International, Inc.
- Buyer type
- Strategic
- Offer price per share
- $1.50
- Enterprise value
- $120M
- Status
- Closed Jul 20, 2022
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview
Sector context · Industrials
- Comparable deals
- 63 in the prior 24 months
- Premium
- 47.1% vs. 47.0% sector median
- EV / Adj. EBITDA
- 13.0x vs. 10.8x sector median
- Break fee
- Sector median 2.8%
Timeline
- AnnouncedMay 9, 2022
- Proxy filedJun 2, 2022
- Definitive proxyJun 17, 2022
- Shareholder voteJul 20, 2022
- ClosedJul 20, 2022
Valuation · fairness opinions
Trading comparables$0.93$1.50
Precedent transactions$0.91$1.63
Discounted cash flow$1.38$1.86
Premiums paid$1.20$1.66
Offer $1.50
Implied value per Servicesource International, Inc. share by analysis, from Centerview · DCF discount rate 13.25%–15.5%.