ABRY Partners, LLC and Hoplon Capital entered in to a definitive agreement to acquire Concentrix Insurance Solutions from Concentrix Corporation (NasdaqGS:CNXC) on May 17, 2021. This will create a new company which will operate as a standalone business bringing innovation to the insurance marketplace. The sale does not impact Concentrix' financial guidance for fiscal year 2021, which remains unchanged.

The transaction is subject to the approval of customary regulatory requirements and closing conditions and is expected to close by the end of May 2021. The proceeds from the sale will enable Concentrix to further invest and strengthen its position as a leader in the CX industry.