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TAMPA, Fla., Aug. 21, 2012 (GLOBE NEWSWIRE) -- Sykes Enterprises, Incorporated ("SYKES" or the "Company") (Nasdaq:SYKE), a global leader in providing outsourced customer contact management solutions and services in the business process outsourcing (BPO) arena, announced today that it has completed the acquisition of Alpine Access, Inc.
"Since the announcement of the Alpine Access acquisition, we have received overwhelmingly positive feedback from our key clients and employees. On the heels of this important milestone, we are eager to put our strategic vision into action. By leveraging Alpine Access' best-in-class market position and differentiated capabilities across the customer contact management marketplace, we are embarking on a strategic trajectory that we believe will help our clients and employees realize the potential power of this combination as it unlocks long-term value for our shareholders," said Chuck Sykes, President and Chief Executive Officer of Sykes Enterprises, Inc.
Alpine Access' President and Chief Executive Officer Christopher Carrington stated, "Our momentum in the marketplace has only strengthened since the announcement of what we believe is a winning combination. We are excited to officially be part of the SYKES family. And we are eager to move forward as one in continuing to deliver the exceptional value our clients have come to expect, thereby capitalizing on the growth opportunities in the marketplace."
The $150 million cash purchase price, subject to post-closing adjustments, for Alpine Access was financed through $108 million in borrowings under the Company's credit facility, with the remaining from cash on hand. The borrowing will bear interest at a variable rate of LIBOR plus an applicable margin based on the Company's leverage ratio (currently 112.5 basis points). The interest rate will be determined quarterly based on Sykes' leverage ratio at such time. The Company plans to provide an update on the anticipated impact of the Alpine Access acquisition on the business outlook for the fourth quarter of and full-year 2012 when it reports its third quarter results for the three-months ended September 30, 2012.