Account Control Technology Holdings Inc. (ACT Holdings) announced Tuesday the acquisition of Convergent Resources Holdings LLC. in a deal that will create a business processing outsourcing firm with more than 3,900 employees and 20 offices. Terms of the deal were not disclosed.
ACT Holdings is the parent company of debt management and collection agency Account Control Technology Inc. (ACT). It acquired Convergent from Silver Oak Services Partners in a deal financed by Cerberus Capital Management L.P. and Prudential Capital Group.
Convergent, based in Atlanta, has two main divisions. Convergent Outsourcing provides contact center and receivables management solutions for various industries. Convergent Revenue Cycle Management offers technology-enabled patient access services, third-party reimbursement, self-pay and payment recovery services for hospitals and healthcare providers.
"The change in ownership to ACT Holdings further positions Convergent as a market leader, diversifying our customer base and creating a flexible, powerful group of companies with long-term sustainable growth," said Mike Meyer, CEO of Convergent Outsourcing. "Clients will benefit from our increased strength and flexibility, as well as our access to more resources, deeper expertise, larger capacity and more sophisticated technology.
Convergent, established in 1998, provides consumer contact outsourcing, receivables management and revenue cycle management services in the commercial, utility, cable, telecom and healthcare industries.
ACT, formed in 1990, specializes in the education, government and consumer collection sectors. Both companies will hold on to their brands and operations. ACT has been recognized as an Inc. 5000 fastest-growing private company for the past seven years.
Nabil Kabbani, CEO of ACT, said, "Acquiring Convergent fulfills our vision for ACT Holdings as it gains us entry into new markets and services. This provides us all the benefits of market diversification, while enabling our organizations to truly partner to grow our respective businesses and provide added value to our clients."
Added Derek Pickell, CEO of Convergent Healthcare, "ACT Holdings has demonstrated an ongoing willingness to invest in its operations and its commitment to consultative client service, ethical business practices and corporate responsibility will benefit our clients, business partners, employees and communities. This will further enhance our goal to bring proven contact center technologies and best practices to the healthcare industry."