Customer Contact Market Report HIGHLIGHTS Outsourcing still provides meaningful cost savings, representing roughly 20% of the total market with approximately 2.0 million outsourced agents located primarily in India and the Philippines. Technology developments, vendor pruning, and consumer demand push providers to expand their product, service, and channel offerings.20 M&A activity expected to increase steadily in 2017 as corporate profits and consumer spending increases. FCC onshoring initiatives continue to create jobs within big industry players via organic growth and acquisitions.19 Steady growth opportunities on a go-forward basis as the global customer contact management market is expected to grow to $81 billion by 2018 representing a CAGR of 6.1%. U.S. based healthcare legislative changes and requirements will increase costs and complexity of compliance. 2015 YEAR IN REVIEW Advancing technology and differentiation boost growth rates 2015 was an exciting year for the Customer Contact Management (CCM) industry, with huge strides in technology, automation, differentiation, and omni-channel diversification. Customers want to use the channel that most quickly solves their problems, including voice, chat, text, and social media. Corporate services expanded their technology offerings making large technological advances, as witnessed with Amazon's new Alexa -- a virtual assistant that can answer a wide variety of questions from weather to traffic. These technological advances around automation create a surge of efficiency and growth opportunities for CCM businesses. According to International Customer Management Institute (ICMI), nearly 55% of customers want an automated self-service experience, increasing efficiency and decreasing costs for businesses. In addition, 80% of companies plan to use customer service as a way to differentiate themselves from their competition.4

1. C A L L C E N T E R
MARKET REPORT
THIRD QUARTER 2016

2. 2
CUSTOMER CONTACT MANAGEMENT
Signs of Growth for Call Centers?
HIGHLIGHTS
• Outsourcing still provides meaningful cost savings, representing roughly 20%
of the total market with approximately 2.0 million outsourced agents located
primarily in India and the Philippines.
• Technology developments, vendor pruning, and consumer demand push
providers to expand their product, service, and channel offerings.20
• M&A activity expected to increase steadily in 2017 as corporate profits and
consumer spending increases.
• FCC onshoring initiatives continue to create jobs within big industry players via
organic growth and acquisitions.19
• Steady growth opportunities on a go-forward basis as the global customer
contact management market is expected to grow to $81 billion by 2018
representing a CAGR of 6.1%.
• U.S. based healthcare legislative changes and requirements will increase costs
and complexity of compliance.
2015 YEAR IN REVIEW
Advancing technology and differentiation boost growth rates
2015 was an exciting year for the Customer Contact Management (CCM) industry,
with huge strides in technology, automation, differentiation, and omni-channel
diversification. Customers want to use the channel that most quickly solves their
problems, including voice, chat, text, and social media. Corporate services expanded
their technology offerings making large technological advances, as witnessed with
Amazon's new Alexa -- a virtual assistant that can answer a wide variety of questions
from weather to traffic. These technological advances around automation create
a surge of efficiency and growth opportunities for CCM businesses. According to
International Customer Management Institute (ICMI), nearly 55% of customers want
an automated self-service experience, increasing efficiency and decreasing costs for
businesses. In addition, 80% of companies plan to use customer service as a way to
differentiate themselves from their competition.4

3. 3
Source: IBISWorld OD4878, June 1015
Please push '0' to speak with a customer service representative
2015 SERVICES SEGMENTATION
Global and U.S. CCM Spend
CURRENT INDUSTRY PERFORMANCE
7.9% CONVERGYS CORPORATION
USMARKETSHARE2015
6.7% TELETECH HOLDINGS INC.
USMARKETSHARE2015
4.7% SYKES ENTERPRISE INC.
USMARKETSHARE2015
Over the past 20+ years, the customer experience has
remained largely the same and the CCM market has seen
steady contraction and consolidation. However, the recent
rise of internet technology has revolutionized call centers
customer service providing a breath of life into CCM systems
creating “omni-channel” product offerings and services.
Omni-channel usage includes websites (85%), call-center
(75%), email (65%), live chat (58%), Facebook, and Twitter.5
Today, customers rarely use one communication channel
when reaching out to customer support. According to an
article by TeleTech, 57% of inbound calls to the contact center
coming from customers who first attempted to resolve an
issue on the companies website, while 30% of callers are still
on the company's website when they speak to an associate.6
The CCM sector has seen significant vendor consolidation
and as a result, larger CCM providers have pushed towards
more diversified market offerings, including call centers,
automated interactions, and online interaction services.20
This diversification has improved customer service offerings
dramatically as employee agents continue to work with clients
to help build relationships. This customer-centric model
generates significant value in leveraging relationships and
ability to scale. The global market is estimated to grow to
$64 billion, of which approximately $35 billion (~56%) of call
center revenue is domiciled in the United States. Expected
growth rate for the industry as a whole is 4-5% per year.1

4. 4
The CCM sector will grow and expand with steadily increasing
M&A activity to (i) consolidate, diversify and enhance
capabilities to secure larger, multisite contracts, and keep pace
with technological advancements; (ii) operate at the optimum
threshold between the cost savings of outsourcing and the
customer satisfaction ratings of onshoring; (iii) move up the
value chain and encompass a multitude of business models and
services; and, (iv) focus on margin enhancement and profitability
to compete as non-revenue products continue to be outsourced
and larger companies realize economy of scale cost savings.20
The CCM sector abounds with transformation and opportunities
as large industry players grow and consolidate the market.
Currently, the top four industry players are Convergys (7.9%),
TeleTech(6.7%),Sykes(4.7%),andAlorica(4.5%)withacombined
market share of 23.8% in 2015. According to International Data
Corporation (IDC), current global CCM revenues are expected
to grow from ~$64 billion to $81 billion by 2018 with a four-year
CAGR of 6.1%.1
The majority (80%) of all call center agents are still located
in-house, with an expected growth rate of 2.9%. However,
outsourced agent positions are expected to grow at 5.1% as
companies realize the cost saving benefits.1
In the past, the CCM industry has suffered as a result of
automation and offshoring with recent growth spurred from
government intervention. In 2011, the FCC announced a goal
of creating 100,000 call center jobs in the US and the industry
is still feeling the effects of that legislation today. The jobs
were generally created by larger industry players, as a way to
increase customer satisfaction compounded with technological
opportunity. Now, onshoring is a maturing business model
with agents taking customer service calls and web chats during
specific times in their homes.19
However, it is uncertain how
much longer this will last with the upcoming election.1
According to IBIS, the industry's contribution to the overall
economy is expected to grow at an average annual rate of 1.2%
-- slightly lower that the projected US GDP growth of 2.5% over
the same period. When the average annual industry growth
rate is below that of the overall economy this indicates that the
industry is in the mature phase of its life cycle.1
KEY INDUSTRY DRIVERS
CUSTOMER CONTACT MANAGEMENT
INDUSTRY WITH M&A OPPORTUNITIES
HOMESHORING
• Cheap tech and freelance
staff supplying their own
tech reduces home-based
call center costs
• Residual effects of 2011
FCC U.S. job creation via
“virtual call centers” 5
CONSUMER SPENDING
• Consumer spending
continues to strengthen
with economy
• Consumer spending means
business will invest in call
centers to increase sales
and gain market share 1
PRIVATE INVESTMENT IN
TECHNOLOGY
• High sensitivity to
technological innovation
• Recent technological
innovation may mitigate
cost disadvantages for US
operators 1
CORPORATE PROFIT
• CCM is sensitive to changes
in corporate profit
• Increases in corporate profit
results in increases in CCM
• Profit is expected to rise in
2015 and 2016 1
NUMBER OF BUSINESSES
• New businesses are more
likely to outsource CCM
• Business growth increases
demand for CCM services
• Outlook is positive for
new business creation 1
OFFSHORING
• Offshoring reduces labor
costs and resulted in
industry contraction
• Lowers labor costs result in
lower prices to clients
• Outsourcing remained
steady in 2015 1

5. U.S. MARKET 5 YEAR PERFORMANCE
2011-2016
2015 CUSTOMER MANAGEMENT SPEND BY VERTICAL
(%) (TOTAL MARKET = ~$63B)
Source: NelsonHall, June 2015; Convergys Strategic Positioning Report
'Other' Includes: Retail, healthcare, manufacturing, government, utilities,
transportation
Source: Convergys Strategic Positioning Report 2012
Source: Convergys Strategic 2012 Positioning Report
IBISWorld OD4878
Services
North America Services
Multi-Shore Services
Home Agent Services
Technology
Global Infrastructure
Technology-Based Services
Analytics
Experience Analytics
Consulting Services
38%
15%
6%
41%
C O M M U N I C A T I O N S F I N A N C I A L
S E R V I C E S
T E C H N O L O G Y O T H E R
$31
$39
2 0 1 1 2 0 1 6
4.6%
ASPECTS OF CUSTOMER MANAGEMENT
5
Customer service touches all sectors but is most developed in
the communication sector, which includes telecom, cable and
media. Other industries with sizeable exposure are the financial
sector, technology, retail and healthcare. Call centers are seeking
to grow capacities by moving up the value chain with technical
support, sales, collections and analytics service offerings.
The industry continues to grow at a moderate pace. In the last
five years, the CCM industry has recorded an annualized growth
rate at an estimate of 1.1% and industry revenue at ~$8.9 billion.
The signs of growth indicates renewed life and vigor for the call
center markets.1
THE VALUE CHAIN?

6. U.S. REVENUE BY SEGMENT
Sykes Enterprise, Inc. (SYKE )
Convergys Corporation (CVG)
TeleTech (TTEC)
Source: Company Reports, 2015 SEC Filings 10k
'Other' Includes: Retail, manufacturing, government, utilities
UNIQUE RISK OBSERVATIONS FROM
INDUSTRY LEADERS
6
Healthcare Legislature
Healthcare businesses are subject to many
regulatory requirements and changes in current
regulations, which can significantly increase the
cost of doing business. A substantial portion of
operating costs consist of labor costs, changes
in governmental regulations relating to wages,
healthcare and healthcare reform - all of which
could have a material adverse effect on the
business.7
Macroeconomic Trends
To mitigate the impact of any negative economic
and product cycles on growth rates, the industry
continues to seek ways to diversify into verticals
andservicelinesthathavecountercyclicalfeatures
and healthy growth rates.8
The majority of revenue
in 2015 was received from customers operating in
the global communications industry. At times, the
industry has experienced significant fluctuations
in growth rates and capital investment, and
predicting future performance in this industry is
challenging.7
Digital Media Evolution
Unfavorable regulation and negative public
perceptionaboutdigitalmarketingcouldadversely
affect the business and results of operations. With
the continued growth of the online marketplace,
there is increasing awareness and concern among
the general public, privacy advocates, mainstream
media, and government bodies regarding the
reach of digital marketing and its potential impact
on individual privacy interests.9
THE TOP PLAYERS: A BREAKDOWN
38% Communications
23% Financial Services
20% Technology/Consumer
7% Transportation & Leisure
5% Healthcare
7% Other
58% Communications
9% Financial Services
10% Technology/Consumer
22% Other
35% Communications
20% Financial Services
6% Technology/Consumer
14% Transportation & Leisure
11% Healthcare
14% Other

7. 
        
           
           
           
           
           
           
           
           
           

    
           
           
           
           
           
           
           
           
           




        
           
           
           
           
           
           
           
           
           

    
           
           
           
           
           
           
           
           
           



VALUATION METRICS: PUBLICLY TRADED CUSTOMER CONTACT MANAGEMENT COMPANIES
(AS OF AUGUST 8, 2016; FIGURES IN USD MILLIONS)
OPERATING METRICS: PUBLICLY TRADED CUSTOMER CONTACT MANAGEMENT COMPANIES
(AS OF AUGUST 8, 2016; FIGURES IN USD MILLIONS)
PROFITABILITY
Values in millions of USD, except per share data ratios.
Values converted at spot rate on 08/12/2016
Source: Capital IQ 08/12/2016
7
Industry profitability has been variable due to a confluence of
technological change, relocation of operations, government
assistance and the increasing number of remote workers.1
Industry margins are driven by several factors: (1) offshore vs.
onshore work; (2) size and scale of projects; (3) productivity &
training; and (4) vendor consolidation.
• Margins improve as the industry migrates offshore
because it reduce client's costs with lower labor inputs,
and favoring provider margins.
• Margins typically follow the scale of projects and
companies, e.g. the larger the project the better the
margins. Larger companies and projects with increased
scope of work are able to improve operating leverage
with additional revenues and efficiencies.
• Training and productivity of workers boosts efficiency
and reduces turnover through experience, technology,
and more advanced management systems.
• Larger players in the industry are benefitting from vendor
consolidation at the expense of smaller players because
of recent market volatility and the desire to simplify cost
Source: S&P Capital IQ; 2015 Company Reports

8. AnnouncedAnnouncedAnnouncedAnnounced
DateDateDateDate TargetTargetTargetTarget AcquirerAcquirerAcquirerAcquirer Deal SizeDeal SizeDeal SizeDeal Size
Target LTMTarget LTMTarget LTMTarget LTM
RevenueRevenueRevenueRevenue
Target LTMTarget LTMTarget LTMTarget LTM
EBITDAEBITDAEBITDAEBITDA EV/RevenuesEV/RevenuesEV/RevenuesEV/Revenues EV/EBITDAEV/EBITDAEV/EBITDAEV/EBITDA
07/06/2016 buw Holding GmbH Convergys Corporation     
06/10/2016 Allus Global BPO Center S.A. Grupo Konectanet S.L.     
12/21/2015 Comdata S.p.A. The Carlyle Group LP     
11/26/2015 Webhelp SAS KKR & Co. L.P.     
10/14/2015 Fulfillment Technologies, LLC Singapore Post Enterprise Private Limited     
09/30/2015 Gemma Communications LP DealNet Capital Corp.     
09/01/2015 BPO Management Sp. z o.o. Arteria S.A.     
07/10/2015 Sitel Worldwide Corporation Groupe Acticall SAS     
07/06/2015 Contact Center sp. z o.o. Arteria S.A.     
06/30/2015 MsourcE (India) Pvt. Ltd. Hinduja Global Solutions Limited     
06/10/2015 ETS Group Limited Million Top Enterprises Limited     
03/10/2015 H1 Communication AB Panoster Investment AB     
02/03/2015 avocis AG Capita plc     
01/07/2015 West At Home, LLC Alorica Inc.     
01/07/2015 West Direct II, Inc. Alorica Inc.     
12/03/2014 Volt Delta Resources, LLC NewNet Communication Technologies     
09/21/2014 Contact Centres Australia Pty Ltd Telekomunikasi Indonesia International     
High     
Low     
Median     
Mean     
8
Source: S&P Capital IQ
CUSTOMER CARE M&A TRANSACTIONS (LAST 24 MONTHS)
(AS OF AUGUST 8, 2016; FIGURES IN USD MILLIONS)
Source: S&P Capital IQ 2016; Company Reports
According to data provided by S&P Capital IQ, there were more
than 40 M&A transactions completed in 2015 for 'Outsourced
Client Support and Customer Services' and 'Telemarketing and
Telephone Soliciting Services'. This represents a slight increase
from the 38 M&A deals completed in 2014.
The average transaction size of $147 million was skewed by a few
largedeals,includingGroupeActicallSAS$830millionacquisition
of Sitel Worldwide Corp; KKR's $679 million acquisition of
Webhelp SAS; and The Carlyle Group's $262 million acquisition
of Comdata S.p.A. However, the median transaction size was
a more modest $25 million. EV/EBITDA Valuation multiples
reflected the volatility of the market with ranges from 4x to 19x,
and an average of 4-7x.
Lookingahead, clientscontinuetofocusonvendorconsolidation
to manage their outsourcing relationships. This should drive
more M&A activity as vendors seek to improve their competitive
position, diversify product offerings, and improve profitability.
MERGERS & ACQUISITIONS

9. 9
ACTIVE BUYERS
LARGEST M&A CCM TRANSACTIONS 2014-2016
Source: S&P Capital IQ 2016
• In 2015, Acticall acquired 100 percent of Sitel Worldwide from
Onex Corporation. 10 , 11
• Groupe Acticall is highly respected for its business growth
and innovation, with over 7,500 employees and over 65 million
customer contacts managed annually. 10 , 11
• Sitel is advancing its position as a world leader in outsourced
customer care innovation with a global platform and client base
and will benefit significantly from Acticall's capital structure and
digital vision. 10 , 11
"With a leading international footprint, a blue chip
customer base, a very talented management team and
great technology, Sitel is already a world leader."
- Laurent Uberti, CEO of Groupe Acticall
• In 2015, the Webhelp management team will now become
controlling shareholders, alongside KKR, while Charterhouse
Capital Partners will step back. 12 , 13
• During Charterhouse ownership, Webhelp improved revenues
from $200 million to a forecast $725 million in 2015, the number
of contact centres has increased from 12 to more than 80 while
the number of employees globally has risen from 7,000 to in
excess of 30,000. 12 , 13
• Webhelp specializes in comprehensive customer experience
management services across a range of digital, social, mobile and
traditional voice channels to an international client base. 12 , 13
“We believe that Webhelp's commitment, ability to
execute and proven track record of success, coupled
with the experience, enthusiasm and resources that will
be contributed by KKR, will enable us to become a world
leading independent business process outsourcer”.
- Frederic Jousset, Co-Founder of Webhelp
• In 2015, The Carlyle Group acquired a majority participation in
Comdata. 14
• Comdata, the leading Italian company for outsourcing of contact
center, help desk, back office, credit management and document
management services. 14
• Comdata Group’s Executive Chairman Enrico Saraval, said:
“Comdata aspires to become a relevant European player.
structure and digital vision." 14
“We are delighted to welcome Comdata to our European
portfolio. Comdata’s strong business model offers further
potential for international growth. Using Carlyle’s extensive
international network, we hope to assist Mr Canturi and
his team in accelerating their growth plan.”
-Marco De Benedetti, MD Carlyle Europe Partners
RANK TARGET BUYER SIZE (USDM)
1 Sitel Worldwide Grupo Acticall SAS 830
2 Webhelp SAS KKR & Co. 680
3 Comdata S.p.A The Carlyle Group 262

10. 10
RANK TARGET BUYER SIZE (USDM)
4 Avocis Capita plc 241
5 Allus Global BPO Center Grupo Konectanet 192
6 buw Holding GmbH Convergys Corporation 133
• In 2015, avocis has a strong position in the German speaking
regions of Europe serving similar sectors to Capita’s UK-based
customer management business, with high quality, long term
clients particularly in telecoms and utilities. 15
• Acquisitions, alongside generating profitable organic growth, are
a key part of Capita’s business model to both build its capabilities
and increase its market reach and penetration across a growing
number of sectors. 15
"The acquisition of avocis provides us with immediate scale
and further capabilities in this territory. avocis has a strong
position in the German speaking regions of Europe with
long term and growing relationships with quality private
sector clients."
- Andy Parker, CEO of Capita
• Konecta plans to strengthen their strategic position in the Latin
American Market. 16
• They completed two important acquisitions in the Region:
including, 49% of B-Connect, Mexican Market leader contact
centre with >4,000 employees, and 100% of Allus Global
BPO Centre, Latin American Leader with more than 22,000
employees.16
• These acquisitions allow Konecta to play a major role in BPO
industry and strengthen their position in Iberia and Latin America
becoming the top 3 BPO services providers in Peru and Argentina,
with a prominent position in Chile, Mexico and Brazil. 16
"Konecta acquires Latin American Allust Global BP. These
operations allow Konecta to play a major role in the BPO
industry in Latin America."
- José María Pacheco, President of Konecta
• By adding buw’s geographic footprint, complementary client
base, and German language capabilities, Convergys expects the
acquisition to expand its presence in the growing EUR 3 billion
German outsourced customer management services industry. 18
• buw is a growing and profitable business which generates
approximately EUR 150 million annual revenue, providing end-
to-end business process outsourcing (BPO) services to leading
companies across a wide breadth of industries. 18
"This accretive transaction will increase our capacity to
serve the customer management BPO market in Germany,
further diversify our marquee client base, and strengthen
our relationships with the multinational clients we share.”
-Andrea Ayers, Convergys President and CEO
LARGEST M&A CCM TRANSACTIONS 2014-2016
ACTIVE BUYERS
Source: S&P Capital IQ 2016

11. 11
The CCM sector experienced significant transformation over
the last few years. Government policies have spurred larger
volumes of the domestic business and higher customer quality
services by onshoring call centers, but congruently created
issues by increasing costs through legislative complexity. Despite
government intervention, M&A volumes have steadily increased
from both strategic and financial sponsors, and are expected to
continue to grow via acquisition of technology enabled service
and SaaS providers (cite BAIRD). The Customer Contact Center
will continue to evolve from a cost center to a superior customer
experience creator, providing customers the omni-channel
offerings they expect.6
The key industry players have identified a multitude of issues on
the horizon, but specifically there are concerns about healthcare
legislation, macroeconomic trends, and the digital media
evolution. Legislation increases costs, profitability is directly
influenced by macroeconomic cycles, and digital media is critical
to industry marketing.
The global CCM sector will grow at 4.5% per year driven by
consolidation from larger players to diversify and enhance
capabilities, and secure larger, multisite contracts.1
As a result,
the CCM industry will move up the value chain and encompass a
multitude of business models and services.
Technology, Consolidation, and Diversification Create a Superior Customer Contact Center
CONCLUSION

12. 12
ENDNOTES
1
Blau, Gavan. Customer Care Centers in the US Market Research. Rep. no. OD4878. IBISWorld, 01 June 2015. Web. 12 Aug. 2016.
2
Tuchman, Kenneth. "TeleTech Summary Q3 2015." SUMMARY Q3 2015 (2015): n. pag. TeleTech. TeleTech, 1 Oct. 2015. Web. 12 Aug. 2016.
3
https://www.capitaliq.com
4
Weborg, Rich. "Year in Review: Customer Service Trends in 2015 and What They Mean for 2016." Year in Review: Customer Service Trends in 2015 and
What They Mean for 2016. ICMI, 05 Jan. 2016. Web. 12 Aug. 2016.
5
"Call Centers." Encyclopedia of Emerging Industries. Farmington Hills, MI: Gale, 2016. Business Insights: Global. Web. 2 Aug. 2016.
6
Sirohi, Niren, and Jim Dickey. "The Omnichannel Evolution of the Contact Center." TeleTech. Consulting Services, 1 Oct. 2014. Web. 12 Aug. 2016.
7
Convergys 2015 10k.
8
Sykes 2015 10k.
9
Teletech 2015 10k.
10
http://www.sitel.com/news/groupe-acticall-completes-acquisition-of-sitel-worldwide/#sthash.fNNefjCl.dpuf
11
http://www.businesswire.com/news/home/20150710005574/en/Groupe-Acticall-Announces-Agreed-Acquire-Sitel-Largest
12
http://www.webhelp.com/en-us/news-insights/news/webhelp-partners-with-kkr/
13
http://www.reuters.com/article/kkr-webhelp-idUSFWN13L08S20151127
14
https://www.carlyle.com/news-room/news-release-archive/carlyle-group-acquires-majority-shareholding-comdata-leading-italian-
15
http://www.capita.com/news/news/2015/european-contact-centre-specialists-avocis-to-be-acquired-by-capita.aspx
16
http://www.grupokonecta.com/en/espanol-konecta-compra-al-gigante-latinoamericano-allus-global/
17
http://www.grupokonecta.com/wp-content/uploads/2016/06/Konecta-crece-con-la-compra-de-la-empresa-mexicana-B-Connect_ABC-
Sevilla-07.06.2016.pdf
18
http://www.businesswire.com/news/home/20160706006368/en/Convergys-Acquire-buw
19
Wissink, Jeff. "Why Onshoring Your Call Center Make Sense." Driving Business Success with Technology. Baseline, 07 Mar. 2012. Web. 23 Aug. 2016.
20
BAIRD. "Business Process Outsourcing." Transformation of Business Process Outsourcing (2015): n. pag. RWBAIRD. RWBAIRD, 01 Mar. 2015. Web.
23 Aug. 2016.

13. 13
WE ACTED AS SOLE ADVISOR TO THE BUYER
H A S A C Q U I R E D
T H E P U B L I C H E A LT H O P I N I O N
A N D S O C I A L S C I E N C E S
D I V I S I O N O F
INDUSTRY EXPERIENCE
W E A C T E D A S F I N A N C I A L A D V I S O R T O T H E B U Y E R
H A S A C Q U I R E D
A S U B S I D I A R Y O F
W E A C T E D A S F I N A N C I A L A D V I S O R
H A S R E C E I V E D A S T R AT E G I C
I N V E S T M E N T F R O M
A S U B S I D I A R Y O F
K B R A A n a l y t i c s
W E A C T E D A S F I N A N C I A L A D V I S O R T O T H E B U Y E R
H A S A C Q U I R E D
WE ACTED AS SOLE ADVISOR TO THE SELLER
H A S B E E N A C Q U I R E D B Y
One Equity Partners
Headwaters' transaction in the Call
Center Industry was awarded
DEAL OF THE YEAR
“Headwaters ran an exhaustive search for us and uncovered a variety of interesting
operating assets. Their global network of relationships allowed us access to the
senior leadership of WPP, a global communications powerhouse. Their deal savvy
and market knowledge made this international transaction a reality.”
- Marco Villarreal, Qualfon’s CFO
Call Center Consolidation
Qualfon acquired Center Partners, a United States contact center outsourcing company that over the last 17 years
has built an excellent reputation for high performance sales programs for its clients in communications, financial,
technology, and retail industries. Center Partners has six contact centers across Idaho, Washington and Colorado
with approximately 2,500 employees who will be added to Qualfon's 10,000 employees and 11 contact centers,
primarily in near-shore and off-shore locations.

14. 14
Disclosure: This newsletter is a periodic compilation of certain economic and corporate information, as well as completed and announced merger and
acquisition activity. Information contained in this newsletter should not be construed as a recommendation to sell or buy any security. Any reference
to or omission of any reference to any company in this newsletter should not be construed as a recommendation to buy, sell or take any other action
with respect to any security of any such company. We are not soliciting any action with respect to any security or company based on this newsletter.
The newsletter is published solely for the general information of clients and friends of Headwaters MB, LLC. It does not take into account the particular
investment objectives, financial situation or needs of individual recipients. Certain transactions, including those involving early-stage companies, give
rise to substantial risk and are not suitable for all investors. This newsletter is based upon information that we consider reliable, but we do not represent
that it is accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both known and unknown
risks and other factors that may cause actual results to vary materially. We are under no obligation to update the information contained in this newslet-
ter. Opinions expressed are our present opinions only and are subject to change without notice. Additional information is available upon request. The
companies mentioned in this newsletter may be clients of Headwaters MB, LLC. The decisions to include any company in this newsletter is unrelated
in all respects to any service that Headwaters MB, LLC may provide to such company. This newsletter may not be copied or reproduced in any form,
or redistributed without the prior written consent of Headwaters MB, LLC. The information contained herein should not be construed as legal advice.
About Headwaters MB:
Headwaters MB is an independent, middle market investment banking firm providing strategic merger and
acquisition advice, capital raising and special situations advisory. Named “Investment Bank of the Year” by major
industry organizations in 2014 and 2015, Headwaters MB is headquartered in Denver, CO, with six regional offices
across the United States and partnerships with 18 firms covering 30 countries. For more information, visit
www.headwatersmb.com.
To learn more about how the Headwaters MB team can help you grow from opportunities in the Call Center
Sector, please contact:
Bob Balaban | Managing Director
720.792.9400 bbalaban@headwatersmb.com
• 25 years of investment banking and
operating experience.
• Served as the lead banker on over 75
transactions primarily in the business
services marketplace.
Chad Gardiner | Vice President
720.310.0403 cgardiner@headwatersmb.com
• 14 years of experience in investment
banking and capital markets.
• Advised on over $6 billion in aggregate
transaction value working in investment
banking
Call Center Coverage Team