Editing Foundever

{{Short description|American contact center company}}
{{other uses|Sitel (TV channel)}}
{{Use American English|date=December 2022}}
{{Use mdy dates|date=December 2022}}
{{Infobox company
| name = Foundever Group
| logo = Foundever logo.svg
| type = [[Privately held company|Private]]
| traded_as = {{ubl|{{NYSE was|SWW}}|{{NASDAQ was|SITL}}}}
| predecessor = HQ800<ref name="book"/><br />Sitel
| founder = {{hlist|Laurent Uberti|Olivier Camino {{small|(Groupe Acticall founders)}}}}
| area_served = Worldwide
| key_people = Laurent Uberti ([[CEO]])
| industry = [[Customer service]] and [[business process outsourcing]]
| products = 
| services = 
| revenue = $4 billion (2023)<ref name="Foundever 2023"/>
| operating_income = 
| net_income = 
| aum = 
| assets = 
| equity = 
| owner = 
| num_employees = 170,000<ref name="Foundever 2023">{{cite web | title=CX Leader Sitel Group Accelerates Global Transformation with Rebrand to Foundever | website=Foundever | date=March 1, 2023 | url=https://foundever.com/news/sitel-group-accelerates-global-transformation-with-rebrand-to-foundever/ | access-date=March 7, 2023}}</ref>
| parent = Groupe Acticall
| divisions = 
| subsid = 
| footnotes = <ref>{{Cite web |date=April 16, 1997 |title=Form 10-K |url=https://www.sec.gov/Archives/edgar/data/943820/0000943820-97-000022.txt |access-date=September 12, 2024 |website=sec.gov}}</ref>
| foundation = {{Start date and age|1985}}
| location_city = [[Luxembourg City]]
| location_country = Luxembourg
| locations = 100+
| website = {{official url}}
}}

'''Foundever Group''' (previously known as '''Sitel Group''') is a privately owned [[contact center telephony| customer experience 
technology]] company headquartered in Luxembourg City. Foundever provides outsourced sales, technical support, customer service, and other business processes for large companies. The company has 170,000 employees and $4 billion in revenue.

Foundever started as a subsidiary of [[United Technologies]] called '''HQ800''' before being bought by then-President James Lynch in 1985. Renamed to Sitel, it grew quickly and became the first telemarketing organization to go public in 1995. It expanded internationally in the 1990s and 2000s. Financial problems prompted layoffs and restructuring in 2001. In 2007, majority owner [[Onex Corporation]] de-listed Sitel from [[NASDAQ]]. Groupe Acticall SAS, the current owner and operator, acquired Sitel in 2015. In 2021, Sitel merged with [[Sykes Enterprises]] to form Foundever. As off December 2024 the company laid off a significant number of employees as a result of flawed financial planning and client loss.

==History==

=== Early history ===
Foundever started as a subsidiary of [[United Technologies]] called HQ800 and located in Omaha, Nebraska.<ref name="book">{{cite book|title=International Directory of Company Histories|volume=128|pages=415–418|chapter=Sitel Worldwide Corporation|first=Jay|last=Pederson|year=2000|publisher=St James Press}}</ref> Its then-President, James F. Lynch, bought the company for $165,000 in 1985.<ref name="Henry 1999">{{cite news | last=Henry | first=Kristine | title=Sitel seeking remedy for its growing pains| newspaper=The Baltimore Sun | date=February 28, 1999 | url=https://www.baltimoresun.com/news/bs-xpm-1999-02-28-9902270238-story.html | access-date=October 12, 2019}}</ref> He renamed it "'''SITEL'''/'''Sitel'''," which stands for "System International TELemarketing."<ref name="book" /> At the time, SITEL had about $100 million in annual revenue<ref name=":0">{{cite news|title=Founder of Sitel takes reins again 2 top officers resign as teleservices firm moves to cut costs|newspaper=The Sun|first=Dan|last=Dang|date=March 31, 2001}}</ref> and 16 employees.<ref name="journal">{{cite journal|journal=CONfines of International Relations and Political Science|title=Los call centers y los nuevos trabajos del siglo XXI|issn=1870-3569|first=Jordy|last=Micheli Thirion|page=56|language=Spanish}}</ref>

Sitel was listed on [[NASDAQ]] in 1995.<ref name="The New York Times 1995">{{cite web | title=Investing IT: At the Gate; With New Issues, Small Can Be Beautiful | website=The New York Times | date=September 10, 1995 | url=https://www.nytimes.com/1995/09/10/business/investing-it-at-the-gate-with-new-issues-small-can-be-beautiful.html | accessdate=October 13, 2019}}</ref><ref name="cc">{{cite news|title=Sitel founder goes to work on rebuilding|last=Monegain|first=Bernie|newspaper=CC News|publisher= Yarmouth|date=June 1, 2001}}</ref> Afterwards, it expanded internationally by opening new offices and acquiring other call center companies abroad.<ref name="book" /><ref name="Henry 1999" /> For example, in 1996 Sitel acquired [[London]]-based telemarketing company Mitre PLC for $230 million.<ref name=":1">{{cite web | title=Sitel to Acquire Mitre PLC For $230 Million in Stock | website=WSJ | date=June 7, 1996 | url=https://www.wsj.com/articles/SB834165969747997500 | ref={{sfnref | WSJ | 1996}} | access-date=October 13, 2019}}</ref> Simultaneously, Sitel announced it bought a 69.2 percent interest in Teleaction, a Spanish-focused telemarketing company, for about $24 million.<ref>{{cite web | title=Sitel Announces Acquisitions Totaling $289 Million | website=The New York Times | date=June 8, 1996 | url=https://www.nytimes.com/1996/06/08/business/company-news-sitel-announces-acquisitions-totaling-289-million.html | ref={{sfnref | The New York Times | 1996}} | access-date=October 13, 2019}}</ref> That same year, Sitel acquired Canadian Telephone Corporation.<ref name="journal" />

In the 1990s, Sitel grew about twelve-fold to $600 million in revenues.<ref name=":0" /> Sitel had 24,000 employees and 70 call centers but was struggling to turn a profit.<ref name="Henry 1999" /><ref name="cc" /> It had substantial debt from the cost of acquisitions<ref name="cc" /> and expenses related to closing unprofitable call centers it had acquired.<ref name="Henry 1999" /> In 2001, Sitel was restructured to reduce taxes<ref name="cc" /> and hundreds of middle-management positions were cut.<ref name="Henry 1999" />

=== Ownership changes ===
By 2005, Sitel had $1 billion in annual revenue.<ref name="journal" /> The majority owner of Sitel Group, [[Onex Corporation]], bought-out shareholders for $450 million in 2007, taking Sitel off NASDAQ and making it a privately-owned company.<ref name="Roumeliotis 2015" /> Sitel was merged with Onex Corporation's subsidiary ClientLogic Corporation.<ref name="reuters20072">{{cite web | last=Sharma  | first= Rakesh | title=Sitel says shareholders vote for merger with ClientLogic | website=U.S. | date=January 12, 2007 | url=https://www.reuters.com/article/us-sitel-takeover-clientlogic-idUSWNAS725020070112 | accessdate=November 6, 2019}}</ref> Onex paid an additional $51 million in 2008 and $60 million in 2014 to buy preferred shares, bringing its ownership of Sitel to 86 percent.<ref name="Roumeliotis 2015" />

France-based Group Acticall, which was founded in 1995 by Laurent Uberti and Olivier Camino,<ref name="Guerrero. 2017">{{cite web | last=Guerrero | first=C.M. | title=French call-center giant making its new home in Miami | website=Miami Herald | date=June 23, 2017 | url=https://www.miamiherald.com/news/business/biz-monday/article157886769.html | access-date=October 24, 2019}}</ref> acquired Sitel in 2015, valuing the company at $850 million.<ref name="ReutersFrance">{{cite web | last=Snyder | first= Brian | title=Acticall, acteur majeur des centres d'appel avec le rachat de Sitel | website=Reuters France | date=September 18, 2015 | url=https://fr.reuters.com/article/businessNews/idFRKCN0RI1X620150918 | archive-url=https://web.archive.org/web/20191218200546/https://fr.reuters.com/article/businessNews/idFRKCN0RI1X620150918 | url-status=dead | archive-date=December 18, 2019 | language=fr | accessdate=October 24, 2019}}</ref>

In June 2021, Sitel acquired a public customer service company [[Sykes Enterprises]] for $2.2 billion.<ref name="sykes">{{cite news|url=https://www.bizjournals.com/southflorida/news/2021/08/31/sykes-2-billion-sale-officially-closes.html|newspaper=South Florida Business Journal|title=Sykes goes private with Miami group's $2.2 billion all-cash deal|first=Lauren|last=Coffey|date=August 31, 2021|accessdate=October 4, 2021}}</ref> In March 2023, Sitel and Sykes fully merged to form Foundever.<ref>{{Cite web |last=Ammachchi |first=Narayan |date=2023-03-09 |title=Sitel Goes for a Rebrand; Changes Name to “Foundever” - Nearshore Americas |url=https://nearshoreamericas.com/sitel-goes-for-a-rebrand-changes-name-to-foundever/ |access-date=2025-03-03 |language=en}}</ref><ref>{{Cite web |last=Fresen |first=Natalie |date=2023-03-07 |title=Sitel Group accelerates global transformation with rebrand to Foundever {{!}} Retail Bulletin |url=https://www.theretailbulletin.com/food-and-drink/sitel-group-accelerates-global-transformation-with-rebrand-to-foundever-07-03-2023/ |access-date=2025-03-03 |website=Retail Bulletin {{!}} Daily UK Retail News |language=en}}</ref>

===2022 data breach ===

[[Okta, Inc.|Okta]], a large [[identity and access management]] company, had a security breach in early 2022 that it blamed on Sykes, one of many companies which provides customer support services for Okta.<ref name = tech2>https://techcrunch.com/2022/03/23/okta-breach-sykes-sitel/ ''Okta says hundreds of companies impacted by security breach''  by Zack Whittaker TechCrunch March 23, 2002  Retrieved 4/4/22</ref> Documents leaked in May 2022 raised serious questions about Sitel/Sykes' security defenses, and gaps in Okta's response to being notified of the security breach by Sitel.<ref>{{Cite magazine |last=Newman |first=Lily Hay |title=Leaked Details of the Lapsus$ Hack Make Okta's Slow Response Look More Bizarre |language=en-US |magazine=Wired |url=https://www.wired.com/story/lapsus-okta-hack-sitel-leak/ |access-date=April 13, 2022 |issn=1059-1028}}</ref>

==Products and services==
Foundever provides out-sourced call center services, as well as consulting, analytics, and support for other business processes.<ref name="The Irish Times 2013">{{cite news | title=New call centre to create 500 jobs | newspaper=The Irish Times | date=March 21, 2013 | url=https://www.irishtimes.com/business/new-call-centre-to-create-500-jobs-1.157565 | access-date=October 13, 2019|first=Emmet|last=Oliver}}</ref> The company operates out of large buildings with  employees that speak different languages.<ref name="Guerrero. 2017" /> Its call centers are used for things like sales, customer service, collections, and back-office work.<ref name="cc" /><ref name="Roumeliotis 2015">{{cite web | last=Roumeliotis | first=Greg | title=Onex explores $1 billion sale of Sitel Worldwide: sources | website=U.S. | date=February 24, 2015 | url=https://www.reuters.com/article/us-sitelworldwide-m-a-idUSKBN0LS01R20150224 | access-date=October 16, 2019}}</ref> For example, employees might take a phone order for a consumer product or troubleshoot problems with a bank account.<ref name="Guerrero. 2017" /> It also operates sub-brands for things like training and IT software.<ref name="Guerrero. 2017" /> It also develops customer service chatbots.<ref name="Guerrero. 2017" />

Initially, Sitel primarily did sales calls for insurance and credit card companies.<ref>{{cite news|title=Telemarketers Take Root in the Country — Computers Lead to Opportunity in Rural Areas|newspaper=The Wall Street Journal|first=Bill|last=Richards|date=February 2, 1989}}</ref> It started specializing in different industries and services in 1990.<ref name="journal" /> Sitel started doing inbound calls in 1990<ref name="Henry 1999" /> tech support in 1997<ref name="journal" /> and [[customer relationship management]] in 2001.<ref name="cc" />

==References==
{{reflist}}

==External links==
* [https://foundever.com/ Official website]
* [https://foundever.com/about/who-we-are/ Foundever - Who We Are]
[[Category:Companies based in Miami]]
[[Category:American companies established in 1985]]
[[Category:Business services companies established in 1985]]
[[Category:Outsourcing companies]]
[[Category:Business process outsourcing companies]]
[[Category:Call centre companies]]
[[Category:OMERS]]
[[Category:1985 establishments in Florida]]
[[Category:1995 initial public offerings]]
[[Category:2015 mergers and acquisitions]]
[[Category:American subsidiaries of foreign companies]]
[[Category:Companies formerly listed on the Nasdaq]]
[[Category:Companies formerly listed on the New York Stock Exchange]]