Concentrix Corporation announced that it has reached a definitive agreement to sell its insurance third-party administration operations and software platform (Concentrix Insurance Solutions" or CIS") to Abry Partners, a leading Boston-based private equity firm, and Hoplon Capital, an asset manager focused on digital disruption of end markets including insurance. This will create a new company which will operate as a standalone business bringing innovation to the insurance marketplace. The transaction is expected to close by the end of May 2021 subject to the approval of customary regulatory requirements and closing conditions. The sale does not impact Concentrix' financial guidance for fiscal year 2021, which remains unchanged. CIS has undergone a major business transformation over the past few years, successfully generating revenue and profit growth. This transaction provides an opportunity for further focus and expansion, positioning the business to develop as an independent platform with the potential to transform the insurance industry. The proceeds from the sale will enable Concentrix to further invest and strengthen its position as a leader in the CX industry.