As part of the transaction, funds managed by Global Investment Firm Carlyle will sell its majority stake in PK, after initially investing in the company in 2016. The transaction is expected to close in Concentrix’ first fiscal quarter of 2022, subject to regulatory requirements and other customary closing conditions.

The investment is valued at approximately $1.6 billion.

PK is a leading global CX digital design and engineering firm, partnering with the world’s best brands to create pioneering experiences that accelerate digital outcomes for their customers, partners, and staff. With over 5,000 staff across 20 cities in four countries, PK has been recognized and awarded worldwide for designing and engineering digital experiences at scale.

This acquisition marks an evolutionary milestone for Concentrix, supporting the growth strategy of investing in digital transformation to deliver exceptional customer experiences. PK gives Concentrix the ability to scale digital capabilities faster while building excellence in key high growth areas of CX Design & Development, AI, Intelligent Automation and Customer Loyalty. With a complementary client base and similar vertical focus, PK provides attractive opportunities within core and adjacent markets. The combination of two leading providers uniquely brings together the best of digital CX solutions and services.

In addition to Allison Leopold Tilley in Silicon Valley, the Pillsbury team included Drew Simon-Rooke, Natalie Jonsson, Colleen Lamarre, Matthew Rabinowitz and Evan Storm.